Bitcoin Cash (CRYPTO: BCH) i Bitcoin (CRYPTO: BTC) traded higher on Wednesday in a relatively green cryptocurrency market.
It seems that each of these cryptocurrencies has found support and may be ready to move forward. Both in the Bitcoin blockchain, move synchronized with each other and are likely to see a break at similar times.
Bitcoin Cash rose 1.5% to $ 650.58 and Bitcoin rose 2.01% to $ 48,051.39 at the time of publication.
See also: Is Bitcoin a good investment in 2021?
Bitcoin Cash Daily Chart Analysis
- Both Bitcoin and Bitcoin Cash trade on a side channel and appear to be bouncing at a key support level.
- Bitcoin Cash has found resistance near the $ 800 level in the past and may continue. Cryptography has remained above the $ 600 level, an area that was once resilient but has now become supportive.
- Cryptography is exchanged above the 50-day moving average (green), but below the 200-day moving average (blue), indicating that cryptography is likely to be consolidating.
Daily graphical analysis of Bitcoin
- The $ 60,000 is an area of the past where Bitcoin has met resistance. Bitcoin remains above the $ 45,000 level, an area that cryptography has found support for before.
- Cryptography is exchanged above the 50-day moving average (green) and the 200-day moving average (blue), indicating that sentiment in the crypt looks bullish.
What will happen next for Bitcoin and Bitcoin Cash?
Bullish traders want to see how these cryptocurrencies stay above the support lines and start tending towards the resistance lines. Then the bulls want to see broken resistance with a period of consolidation for a possible new stage.
Bears are looking for cryptocurrencies to not be able to stay above support lines and for cryptocurrencies to start tending towards the next lower support line. This may lead to a general trend change in the Bitcoin blockchain market.
Join ZINGERNATION and win ZING, a new cryptocurrency that we launched with the goal of rewarding members as we build a community to find and share great trading and investment opportunities. Download the mobile app now, available for iOS and Android.
Click here or sign up for our newsletter to explore more about Benzinga’s cryptocurrency market coverage, detailed analysis of currencies, data and reports.