While the leading currency Bitcoin (BTC) may also rise significantly in value this week, the Altcoin market is increasingly difficult. Investors currently seem to be speculating on a continuation of the rally in Bitcoin.
The picture on the overall market could hardly be more different this week. While Immediate Bitcoin can again generate a price increase of six percent to a temporary 14,200 US dollars, the Altcoins are bleeding and have to cope with price losses for the most part. Around 90 percent of the top 10 and top 100 Altcoins are losing value this week. Shortly before the U.S. presidential election, investors prefer the safe haven Bitcoin for the time being. As expected, the coming trading days will be very exciting. The recent significant price corrections in the Big Tech share prices mean that increased volatility in the global financial markets can also be expected in the coming days. The extent to which Bitcoin can continue its decoupling from the classic financial markets must be closely monitored.
Best price development among the Top 10 Altcoins: Bitcoin Cash (BCH)
Price analysis Bitcoin Cash (BCH) KW44
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Price analysis based on the BCH/USD value pair on Bittrex
Bullish variant (Bitcoin Cash)
While the big brother Bitcoin could train a new 2-year high, Bitcoin Cash tends since April 2020 superordinate in a sideways range. In the last few trading days, the BCH price tried several times to break through the resistance range at USD 280, but so far failed due to the 38 Fibonacci retracement. As long as Bitcoin Cash is trading above its moving averages EMA100 (yellow) and EMA200 (blue) at $251, the chances of a renewed bullish attack outweigh the odds. If the BCH exchange rate breaks above USD 280 in the coming days, a rise to USD 304 and USD 321 is conceivable. If Bitcoin Cash tends to remain bullish in the aftermath, a retest of the August 2020 high at USD 336 should also be planned. Only when this chart mark is breached by the daily closing price will the green resistance range between USD 362 and USD 371 (61 Fibonacci retracement) move into focus. For now, this resist-zone represents the maximum bullish price target.
Bearish variant (Bitcoin Cash)
If the BCH price is again unable to break the upper edge of the sideways trend channel and is turning sideways and backwards, the supports at USD 251 (EMA200) and USD 238 (super trend) in particular are the first bearish price targets to come into view. If the price of Bitcoin Cash falls below these strong supports, a price drop to the lower end of the range at $219 is likely. If the price does not stabilize here either, a retest of the low of 03 September 2020 at 200 US dollars should be planned. If the bulls subsequently give up this chart mark as well, new bearish price targets at USD 185 and a maximum of USD 163 will be activated. If the market as a whole also undergoes a significant correction, a relapse to the low for the year at USD 131 would also be conceivable in the coming months if the price remains weak. However, as long as the BCH price continues to trade within its blue sideways channel, investors should wait for a sustained breakout.
Indicators: RSI neutral, MACD threatens to generate sell-signal
The RSI continues to show a lack of direction, but currently threatens to slip back into neutral territory. Also the MACD-indicator cannot deliver any impulses and tends directionless sideways. However, a further weakness in Bitcoin Cash should increasingly push the MACD towards a fresh short signal.
Worst price development among the Top 10 Altcoins: Cardano (ADA)
Course analysis Cardano (ADA) KW44
Price analysis based on the ADA/USD value pair on Bittrex
Bullish variant (Cardano)
Cardano’s course continues to be bearish this week. The price drop below the moving averages EMA20 (red) and EMA100 (yellow) accelerated the consolidation of the ADA price to the support at $0.089 at the beginning of the week. From this level, the price jumped back briefly to $0.10 before new sales began. Currently, Cardano continues to hold above the cross support from EMA200 (blue) and Supertrend at $0.092. As long as the bulls manage to stabilize the price above this key support, a new attack on the 0.100 US dollar (EMA20) and above up to the 0.115 US dollar is conceivable. Does the ADA exchange rate overcome the pink