Bitcoin, Bitcoin Cash, Tron Technical Analysis On 21st October 2020

The global cryptocurrency market cap rose to $372.8 after an increase of 2.02% over the last 24-hours. This level was last seen in early September of this year. The push can be attributed to Bitcoin’s climb above the coveted level of $12,000. Following its suit was the rest of the cryptocurrency which soon jumped into bullish action.

Bitcoin [BTC]:

Over the past 24-hours, Bitcoin [BTC] rose by 3.98% which catapulted its value to $12,214 as it held a market cap of $226 billion and a 24-hour trading volume of $37.29 billion. Triggered by the latest uptrend, BTC broke a crucial level of resistance at $11,875. This level was last seen in mid-August.

Closely following the price movement, the green closing lines of the Awesome indicator also depicted a bullish momentum. The Chaikin Money Flow was also in the bullish territory depicting a flow of money into the coin market.

If the bulls gain traction, BTC could further breach this level to target its nearest resistance of $12,918 as it support stood firm at $10,506.

Bitcoin Cash [BCH]:

Bitcoin Cash [BCH] was valued at $253 after a surge of 2.49% over the last day. At the time of writing, the fork coin recorded a market cap of $4.70 billion and a 24-hour trading volume of $2.49 billion. Despite the latest uptrend, its technicals painted an uncertain future. The Klinger Oscillator recently underwent a bearish crossover. The MACD, on the other hand, generated a strong buy signal as it formed a bullish crossover above zero. A move by the MACD into bullish territory can confirm that BCH heading to make more gains.

BCH was trading close to a psychological level of resistance of $255. If the coin manages to break above this level, it could climb to its overhead resistance of $293. However, if a bullish action fails, BCH could spiral back to its support at $209.

Tron [TRX]:

Tron [TRX] was up by 4.55% over the last 24-hours. The coin was being traded at $0.0266, as it registered a market cap of $1.91 billion and a 24-hour trading volume of $1.73 billion, at the time of writing.

The dotted markers below the candles depicted a bullish phase for the coin as it supported TRX’s price from a further market downturn. The RSI also spiked above the 50-median indicating a rising sentiment of high buying pressure among the traders of the coin market.

This could essentially push the price of TRX higher whose resistance stood at $0.034 while holding support at $0.023

 

Reena Shaw: Reena Shaw is a TWJ full-time writer on crypto-currency. A Journalism graduate, her research focuses on legislation and policy-making in the cryptocurrency market.