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Clearly, we are observing some tidal changes in the asset class cryptocurrency from a bird's flight perspective. Right now, we have at our fingertips what must be seen as a decisive moment for many different market capitalization currencies.
In the text below, we will focus on XRP and Bitcoin Cash (BCH), not only because they are potentially interesting opportunities in and of themselves, but because they also exemplify some of the ongoing dynamics that define space as a whole.
XRP
Price analysis
- High: $ 0.43655
- Low: $ 0.42535
- Volume 24 hours: $ 187.82M
- 7-day percentage change: -3.69%
XRP is extremely interesting right now because, more than anything else, this coin is showing a almost impossible resilience in terms of the ability to maintain critical support around the $ 0.43 level.
We have seen seven separate instances of extremely strong support between $ 0.42 and $ 0.43 in XRP over the past five weeks. It was an extraordinary show of powerful support that clearly marks a binary result with profound implications.
I say that there are two possible results here. And just a fool – who, as we know, is easily separated from his money – would suggest something else. In reality, this is the essence of technical analysis: one must remain empirical and objective and avoid getting married with one or the other part of the tape.
While it was impressive to see the level of support pending, if it fails to do so in the eighth attempt, the results could be quite disastrous for those XODP HODLs that have no exit plan. However, at the same time, for those who have renounced the seventh support check (or the sixth, fifth, fourth or third), they can feel just as bad when they see it above the $ 0.50 level.
In other words, as we see these types of repeated tests of a level, the emotion that surrounds one result or the other intensifies because the attachment to the opinions of how it will resolve will intensify with equal measure.
This will be the key to
Bitcoin Cash (BCH)
Pricing Analysis
- High: $ 719.74
- Low: $ 691.99
- 24-hour Volume: $ 312.81M
- 7-day percentage change: -12.79%
Bitcoin Cash (BCH) was a very interesting process under development. We have seen this coin lead during certain periods in the last month and late during the others.
At this point, the currency has returned firmly below the 50 day simple moving average, but has already triggered an oversold reading on the 14-day RSI – and has done so well above its lows since the end of June. This could be important as something like a bullish divergence.
At this point, Bitcoin Cash (BCH) is starting to trigger a possible "buy signal" on the MACD indicator after its support is maintained at the $ 685 level.
This is actually a level important marked by the shoulders of a short inverted inverted scheme that we saw entering into construction around the pivot lows in the middle of July.
As we attempt to delimit the boundaries of a possible rebound in Bitcoin Cash (BCH) over the next few hours, we would look for a potentially major challenge of resistance at the $ 740 level.
Happy Trading ~
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer
Image courtesy of Pexels
Charts courtesy of tradingview.com
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