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Altcoin Thursday: BCH

29th July2021 | ZebPay Trade-Desk

BCH started off this week in an uptrend, as it rallied upwards of 10%, supported by volumes too. This came after the BTC rally over the weekend. The asset currently trades at $500 levels, up aloost 20% on a week on week basis. BCH was created in 2017, from a fork of BTC, and it has increased block size, better latency, and can allow more transactions to be processed per second compared to BTC. However they both share the same consensus mechanism, and the supply is limited to 21mn.

BCH last week made a low of $384.26. It took the support at last month’s low ($387.33) and started moving upwards forming a ‘Higher Top Higher Bottom’ pattern. The prices surged almost by 35% up to $519. The asset may witness some profit booking at these levels as it has faced stiff resistance around $510 to $545 multiple times in the past. Hence, we conclude that to further rally BCH needs to trade and close above $545.

Support 2Support 1AssetResistance 1Resistance 2

This concludes on the Altcoin synopsis for this week. Don’t forget to keep an eye out for our new poll, and let us know which coin you would like us to cover next week!

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.


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