Two, 300 and Rising: Bitcoin Contant Gains Against Bitcoin
Bitcoin metselspecie scaled fresh heights today and looks solidly bid against its rival bitcoin (BTC).
Spil vanaf CoinMarketCap, the world’s third-largest cryptocurrency by market capitalization toppled its previous record high of $Two,477.65 (Nov. 12 high) and rose to a fresh record of $Two,501.29 at 09:44 UTC today. Bitcoin specie (BCH) wasgoed last seen trading at $Two,350 levels, meaning the 21 procent rally seen te the last 24 hours has shoved the gains since its launch to 316 procent.
Meantime, week-on-week, BCH has appreciated 43 procent.
The stellar rally is a part of the broad-based strength witnessed ter the alternative currencies since last Tuesday. With bitcoin (large cap) demonstrating signs of weariness near the $20,000 mark, the rotation to puny caps seems to have gathered rhythm. This is overduidelijk from the spike te trading volumes on exchanges suggesting BCH/BTC pairs.
Also, the investor community may have bought BCH on speculation that integration with payment processor BitPay would open the doors to more widespread adoption (and boost its utility spil a payment method). The price chart analysis says the rally ter BCH is here to say.
Bitcoin Metselspecie chart
The above chart (prices spil vanaf Bitfinex) shows:
- BCH has failed to hold above the 261.8 procent Fibonacci extension level of $Two,327.11.
- The decline from $Two,425 (intra-day high) to $Two,260 also indicates the very first attempt to pauze above the rising channel hurdle ($Two,327.11) has failed.
- The 5-day Mama and 10-day Mama are curled up ter favor of the bulls.
- The relative strength index (RSI) shows overbought conditions, but is well brief of the highs seen te November. Thus, there is enough slagroom for BCH to extend the rally.
- The area around the upward sloping 10-day Mamma level of $1,750 is likely to act spil a strong support ter the short-term.
- A close (spil vanaf UTC) above $Two,327.11 (261.8 procent Fibonacci extension and rising channel hurdle) would open up upside towards $Trio,000.
That said, the comments on social media voorstelling the investor community feels the rally ter BCH could fall bijzonder if bitcoin suffers a major setback. While that could be true, the BCH/BTC chart indicates bitcoin specie could still score gains against bitcoin.
The above chart shows:
- A higher low pattern (BTC 0.068 on Dec. 8 and BTC 0.09 on Dec. 16).
- The relative strength index (RSI) is above 50.00 (te the bullish territory), indicates the scope for further gains te BCH/BTC pair.
- The 5-day Moe and 10-day Moe favor the bulls.
- The pair seems to have bottomed out at BTC 0.068 (Dec. 8 low) and could test the falling channel hurdle of BTC 0.1454.
- A close (spil vanaf UTC) above BTC 0.1454 would signal bullish falling channel breakout and could yield rally to BTC 0.2225 (Nov. 24 high).
- On the downside, only a close below BTC 0.068 (Dec. 8 low) would abort the bullish view.
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