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Bitcoin (BTC) Price Hits Resistance, Bitcoin Cash (BCH) Soars

Bitcoin (BTC) Price Hits Resistance, Bitcoin Cash (BCH) Soars

Nick Cawley, Strategist

Bitcoin and Bitcoin Cash News and Talking Points

- Bitcoin has rallied around 45% this month.

- Fibonacci resistance may prove troublesome but the move higher is expected to continue.

IG Client Sentimentshow that 75.5% of traders are net-long of Bitcoin with retail less net-short over the last week. Download our free guide to see what this data means and how traders can use this data.

Bitcoin’s Recent Upswing May be Slowed in the Short-Term

Bitcoin is currently trading around $9,300 – up from an April 1 low of $6,438 and is homing in on the 61.8% Fibonacci retracement level at $9,385, a resistance that could slow down its recent rise. On a positive note, BTC is back above the uptrend channel started from the February 6 low and is also trading above the 200-day moving average, both bullish set-ups for the token. On the upside the December 22 swing-low at $10,800 and the 50% retracement level at $11,367 are the next technical targets.

We discuss a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every (Wednesday) at 12:00.

Bitcoin (BTC) Price Chart in US Dollars

Bitcoin (BTC) Price Hits Resistance, Bitcoin Cash (BCH) Soars

Bitcoin Cash (BCH) Keeps on Rallying

Bitcoin’s market dominance continues to be eroded and is now down to 37.3%, from 45% at the start of April, as other alt-coins, including Bitcoin Cash (BCH) outperform over the last month. Bitcoin cash has surged from around $600 on April 6 to a current level of $1,490 with heavy buying interest seen in the last two weeks. The chart below also shows how BCH has outperformed BTC in the last month by nearly 100%.

Bitcoin Cash (BCH) Price, Volume and Market Capitalization Chart

Bitcoin (BTC) Price Hits Resistance, Bitcoin Cash (BCH) Soars

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Ripple or Litecoin we have an Introduction to Bitcoin Trading Guide along with a Free Demo Account to help get you started.

What’s your opinion on Bitcoin – bullish or bearish? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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