BITCOIN CASH AND ETHEREUM CLASSIC PRICE ANALYSIS

Posted 06 August, 2020

BCH / USD faces strong resistance at USD 297 while ETC / USD bulls aim for control above USD 7.35

Bitcoin price consolidates around $ 11,200 as analysts predict a slowdown in action before another uptrend to around $ 13,000 can occur.

The altcoin market is also seeing a slowdown in price movements as large coins such as Ethereum and XRP pull back to support levels below $ 400 and $ 0.30, respectively.

Two other coins that are likely to trend sideways before new uptrends kick in are Bitcoin Cash and Ethereum Classic. Both are looking for support above the decisive price level.

 

Bitcoin cash analysis


Bitcoin cash bulls are trying to prevent a dip below $ 288 as the bears appear to be determined to take control. On Tuesday, the Bitcoin Cash price dropped to a low of $ 283 before recovering to close at $ 291. However, in the early morning of Wednesday trading, the price fell 2% to trade around $ 288 on most major exchanges.

The price has also fallen below the lower limit of a recently formed upward channel. The bulls have to regain control and push up prices at $ 297, which acted as resistance during the last session.

If prices continue to fall, support levels for the SMA 200 and SMA 20 are $ 272.50 and $ 263.01, respectively. On the upside, resistance areas are emerging at USD 297 and USD 314.

 

Ethereum Classic analysis


The Ethereum Classic price is trading at around $ 7.15 at the time of writing, unchanged from prices at close of trading on Tuesday. The bears seem to be in control as bulls failed to break above $ 7.40 this week despite three attempts.

Sellers managed to push ETC lows to $ 6.90 last week while doing a network reorg that was originally thought to be a 51 percent attack. The bulls quickly pushed prices above $ 7.30 and peaked at $ 8.23 ​​when Ethereum Classic, along with other cryptocurrencies, rose to $ 12,000 in parallel with the BTC jump.

The MACD indicator on the ETC / USD 4-hour chart has formed a bearish divergence, the RSI is at 46.54. If the bears manage to push prices further down, the immediate support level for the simple 200-day and 20-day moving averages is $ 7.054 and $ 6.97.

The uptrend could be limited to $ 7.40 and $ 7.65, above which prices bulls could once again head the resistance area around the August 2 highs of $ 8.23.

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