Bitcoin Cash (CRYPTO: BCH) and Bitcoin (CRYPTO: BTC) are trading higher Wednesday in a relatively green cryptocurrency market.
Each of these cryptocurrencies look to have found support and may be ready to move higher. Both being on the Bitcoin blockchain, they move in sync with one another and likely see a breakout at similar times.
Bitcoin Cash was up 1.5% at $650.58 and Bitcoin was up 2.01% at $48,051.39 at publication time.
See Also: Is Bitcoin a good investment in 2021?
Bitcoin Cash Daily Chart Analysis
- Both Bitcoin and Bitcoin Cash are trading within a sideways channel and look to be bouncing off a key support level.
- Bitcoin Cash has found resistance near the $800 level in the past and may continue to. The crypto has been holding above the $600 level, an area that once was resistance but has now turned into support.
- The crypto trades above the 50-day moving average (green), but below the 200-day moving average (blue), indicating the crypto is likely seeing a period of consolidation.
Bitcoin Daily Chart Analysis
- The $60,000 is an area in the past where Bitcoin has found resistance. Bitcoin is holding above the $45,000 level, an area the crypto has found support before.
- The crypto trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment in the crypto is looking bullish.
What’s Next For Bitcoin and Bitcoin Cash?
Bullish traders are looking to see these cryptocurrencies hold above the support lines and start to trend toward the resistance lines. Bulls then want to see resistance get broken with a period of consolidation for a possible further leg up.
Bears are looking for the cryptocurrencies to be unable to hold above the support lines and for the cryptos to start trending toward the next lower support line. This may cause an overall trend change for the Bitcoin blockchain market.
Join ZINGERNATION and earn ZING, a new cryptocurrency we launched aimed to reward members as we build a community to find and share great trading and investing opportunities. Download the mobile app now, available on iOS and Android.
Click here, or sign up for our newsletter to explore more of Benzinga’s Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.