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Bitcoin Cash (CRYPTO: BCH) and Bitcoin (CRYPTO: BTC) are trading higher on Wednesday in a relatively green cryptocurrency market.
Each of these cryptocurrencies seem to have found support and may be ready to go higher. Both being on the Bitcoin blockchain, they move in sync with each other and likely see a breakout at similar times.
Bitcoin Cash was up 1.5% to $ 650.58 and Bitcoin was up 2.01% to $ 48,051.39 at the time of publication.
See also: Is Bitcoin a Good Investment in 2021?
Daily Bitcoin Cash Chart Analysis
- Bitcoin and Bitcoin Cash are trading in a side channel and appear to be bouncing off a key support level.
- Bitcoin Cash has encountered resistance near the $ 800 level in the past and may continue to do so. The crypto has held above the $ 600 level, an area that was once resistance but has now turned to support.
- The crypto is trading above the 50-day moving average (green), but below the 200-day moving average (blue), indicating that the crypto is likely going through a period of consolidation.
Bitcoin Daily Chart Analysis
- The $ 60,000 is one area in the past where Bitcoin has encountered resistance. Bitcoin is holding above the $ 45,000 level, an area in which crypto has already found support.
- The crypto is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating that sentiment in the crypto appears to be bullish.
What’s next for Bitcoin and Bitcoin Cash?
Bullish traders are looking to see these cryptocurrencies hold above the support lines and start moving towards the resistance lines. Bulls then want to see resistance break down with a period of consolidation for a possible further increase.
Bears are looking for cryptocurrencies to fail to hold above support lines and for cryptos to start moving towards the next lower support line. This may cause an overall trend change for the Bitcoin blockchain market.
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