Bitcoin Cash Outperforms Bitcoin, Ethereum; Altcoins Move Higher
- Bitcoin is still trying to catch up with the high from August 2.
- Ethereum continued to see modestly lower prices after an earlier sharp uptrend.
- Bitcoin cash soared more than 10% over the past 24 hours.
On a day with mostly green numbers in the crypto market, bitcoin cash (BCH) surged strongly, far outperforming both bitcoin (BTC) and ethereum (ETH) over the past 24 hours. Meanwhile, smaller altcoins DASH and LEND also stood out with strong performance overnight.
Total market capitalization
Looking at the 4-hour bitcoin chart, it seems that the price is still working to catch up with the highs from before the correction on August 2, and the recovery still looks robust from a technical perspective. The major resistance around the USD 12,000 level still remains, however, and this high will need to be taken out before a major new rally can begin.
Meanwhile, the shorter-term 1-hour chart reveals that the consolidation pattern bitcoin has been in for the past two days still remains, with upper resistance at the USD 11,880 level and support to the downside at around the USD 11,750 area.
ETH has continued to consolidate the large gains seen over the past few weeks, with modestly lower prices seen both yesterday and today. As noted in yesterday’s market watch, the longer-term uptrend on the daily chart is still intact for ETH, and it is too early to conclude that the bull-run has ended.
Zooming in to the 1-hour timeframe, however, the ETH chart looks more bearish in the short-term, with a possible inverse head-and-shoulder pattern formed over the past two days. Given this, a close on the hourly chart below the USD 392 level could open the door for some more selling from bears.
Bitcoin cash price
Standing out the most among the major coins today was bitcoin cash (BCH), with a 24-hour move of just over 10% as of press time (08:25 UTC). The move positioned BCH as today’s best performer among the top 20 cryptoassets by market capitalization.
Looking at it from a charting perspective, BCH is still in an uptrend on both the 4-hour and 1-hour timeframes, which started with a large move higher yesterday. The coin then pulled back slightly, before reaching a high of USD 326.7, which now acts as the most immediate resistance. Any move above this level would further boost sentiment among BCH traders, with the next upside resistance being the high from August 2 of USD 338.5.
XRP, the third most valuable cryptoasset by market capitalization, also saw decent gains in the crypto market today, outperforming both BTC and ETH with a 24-hour gain of 1.83%.
The coin is still consolidating in a triangle pattern after its near-parabolic uptrend ended with a sharp correction on August 2. A close of a 4-hour candle above USD 0.310 or below USD 0.299 could signal the next major move for the coin, as that would indicate a break-out from the current triangle pattern.
In terms of other altcoin moves today, DASH stood out with a 24-hour move of 10%, after a rally last night took it from about USD 91 to over USD 103 in the matter of hours. The coin is now consolidating on the 4-hour chart, and a break above the recent high of USD 104.8 could signal another run higher.
Similarly, Aave’s LEND token also saw strong price gains last night, bringing its 24-hour performance to nearly 16%. The coin is now consolidating on the 4-hour chart, and a move above the high at USD 0.393 would signal further upside.