(Last Updated October 22, 2020)
Hello! This is the news page for Bitcoin Cash. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
A trend/countertrend situation exists on BCH, in which an uptrend exists on shorter timeframes but a downtrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the downtrend in place on the longer timeframes.
The moving averages on BCH summarize its price action in an interesting way. Of the 20, 50, 100, and 200 day averages — three of them (all but the 50) — are bullish, suggesting the trend is generally upward, aside from a fall about 2 months prior.
Below is a chart showing BCH’s price with its moving averages.
Currently, BCH’s price is up $13.85 (5.65%) from the week prior. Moreover, note that the weekly chart shows that BCH has seen 3 straight up weeks. From a weekly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 5, 10 and 20 week timeframes. Most noteworthy in the world of moving averages on the weekly chart is that the 100 and 20 week moving averages have been crossed, with price now being above them. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the 20, 50 and 100 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. BCH’s weekly price action over the past 52 weeks can be seen via the chart below.
On a relative basis, bitcoin cash was the worst performer out of all 7 of the assets in the top cryptos asset class during the day prior.
This is a reversal of the price action on the previous hour, in which price moved down.
Bitcoin cash outperformed all 7 assets in the top cryptos asset class since the previous day.
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Getting people to find and use it is the hard bit.
This move is a reversal from the hour prior, which saw price move down.
So, not only will monero (#15) soon perform more transactions than the #5 coin, but all tx are completely anonymous and untraceable!
Roger used to do a lot of good for the bitcoin community, but take care: bch is fast and cheap to transact, but that’s all.
Of note is that the 20 and 50 hour changed directions on bch; they are now pointing down.
Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.