Bitcoin Cash showed a strong gain yesterday with a +10% gain against bitcoin. The pair has managed to break through its short-term downtrend.
Current upward movement was back up by a strong increase in volume indicating the presence of buyers.
However, the pair is not out the woods as the pair has been evolving in a steep downtrend, making lower lows and lower highs at a frenetic pace.
We would await Bitcoin Cash to establish a new high, the former one sitting at 0.035. This would support the short-term rebound and could induce a short-term uptrend.
We are seeing some weakness in the trend, therefore indicating a possible pullback to come. Traders will be closely watching how the pair react to its former downtrend resistance. As buyer weren't able to make a new high, a failure to defend this support could lead the coin toward new lows in the near future.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .
Current upward movement was back up by a strong increase in volume indicating the presence of buyers.
However, the pair is not out the woods as the pair has been evolving in a steep downtrend, making lower lows and lower highs at a frenetic pace.
We would await Bitcoin Cash to establish a new high, the former one sitting at 0.035. This would support the short-term rebound and could induce a short-term uptrend.
We are seeing some weakness in the trend, therefore indicating a possible pullback to come. Traders will be closely watching how the pair react to its former downtrend resistance. As buyer weren't able to make a new high, a failure to defend this support could lead the coin toward new lows in the near future.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .