Posted by admin on 5. Dezember 2020
The price of Bitcoin Cash (BCH) is currently in an area of uncertainty, between the so-called $300 resistance key and the $280 support.
In practice, BCH seems to be squeezed into a channel from which it has not seemed to move for a few days. In order to climb, it would have to break the $300 and then the $320 wall.
In fact, the trader explained:
„Bitcoin Cash has recently recovered from the Thanksgiving day crash. Last week’s Thursday losses could not recover on the support of the three moving averages: the 50 SMA, the 100 SMA and the 200 SMA on the 4-hour chart. Congestion of purchases at $250 saved the altcoin from further precipitation. The rebound from the crucial support recovered the position above $300 at the beginning of this week. However, BCH hit a wall at $320, not reaching the expected peak of November at $373. A correction came into play that pushed Bitcoin Cash down 13%.
Moving on to the analysis of another altcoin, it is interesting to understand what ADA will do since next week there will be the fork of the blockchain of Cardano.
Each fork usually brings uncertainty among traders and in fact it is expected that even ADA will not follow a fixed pattern, but will swing up and down for a few days around the date of the fork.
The analyst explained:
„Although I doubt that ADA will follow a pattern EXACTLY after Goguen, it makes sense that we will see similar swings up and down before the next hard fork. The next important upward resistance is at $0.20 and $0.15 below, plus a nice support that starts on January 1 and catches the return from the sale caused by COVID“.
Litecoin price analysis
Moving on to LTC, the crypto of the blockchain founded by Charlie Lee, it must be said that it has a different structure than the other cryptos and it is important to note that this crypto has already exceeded its all time high in this period, contrary to what they did Ethereum or Bitcoin, which have instead stopped below it.
Currently, however, LTC is in a triangle, so you will have to understand if it will exceed it and then the price will go up, or not. For this, as also in the case of BCH, the price is still uncertain and we will have to wait for further confirmation.