Market Update

Insights for the Asian Crypto trading session Wednesday 12/12/18

  • BTC/USD: When will $3,000 come under serious threat?

  • XRP/USD: Ripple adds another financial institution, attempts to hold $0.30 cents

  • ETH/USD: Ethereum downside bias prevails

  • BCH/USD: Bitcoin cash bears in full control under $100

  • XLM/USD: Stellar continues to hold 4th position in market cap

Bitcoin Cash Technical Analysis: BCH/USD bears in full control driving price back below $100

  • Bitcoin Cash price suffers steep losses on Tuesday, trading down over 6%.

  • BCH/USD moving within a steep descending trend channel.

  • Bears looking for the next leg lower with the price below $100

BCH/USD  Hourly chart:

BCHUSD.png

Our forecast

BCH/USD: At the time of writing Bitcoin cash is is grinding lower within a descending channel trading at $96.50 (down 6% overnight). The asset does not appear to have found a bottom following the volatility and declines that began after the hard fork that took place on November 15th. BCH/USD needs to recover out of the bear channel and will face resistance at both the 100 hour MA and 200 hour MA at $101 and $115 respectively.  In the immediate term buyers will need to push price back above $100 or risk a test of trend channel support towards $90, from an hourly perspective both the MACD and RSI are positive supporting further gains toward resistance around $98.

Hourly Technical Analysis Summary: Sell

Moving Averages: Sell

Oscillators: Sell

 Support 1:               $92.40

Support 2:               $90 (descending trend channel support)

Support 3:               $88.70

Resistance 1:            $97.50 (trend channel resistance)

Resistance 2:          $101 (100 hour MA)

Resistance 3:          $106.80