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 2||Support 1||Asset||Resistance 1||Resistance 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!
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