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Price Analysis 19/07: BTC, ETH, XRP, LTC, BCH, BNB, EOS, BSV, TRX, XLM
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Bitcoin Cash and Tezos Are Outperforming Bitcoin This Week, Will They Continue? [Price Analysis]open_in_new
Regarding its USD price, Bitcoin Cash has managed to rise above the point where its price underwent a significant decline from in November.
This is the third consecutive weekly increase and after a prolonged underperformance against the market leader Bitcoin. However, now Bitcoin Cash has started to outperform BTC.
At the time of writing, data from Messari shows Bitcoin Cash increasing 9.95% against BTC over the past seven days.
After three consecutive weeks of declines in BTC value, Bitcoin Cash then managed to find support for two consecutive weeks at the 0.04459 BTC level.
The price dropped below this level last week but quickly found support where buyers stepped in to bring the price back above.
The price was able to record an increase two weeks ago after the three consecutive weeks of declines which were followed up by a Doji candle last week as traders seemed uncertain.
However, the Doji candle is being followed up with increases this week as Bitcoin Cash and is outperforming BTC so far.
The BTC price of Bitcoin Cash has risen above the point where it formed its two previous highs at 0.052 BTC.
Although the price rose to 0.0542 BTC today, it has since retraced to the 0.052 BTC level where it is likely finding buyers step in as a case of resistance turned support.
The rise above this level took place after numerous tests of 0.052 BTC.
Repeated tests of a level serve to weaken the level with fewer sellers to hold the level on each test.
Tezos is another altcoin that has been outperforming Bitcoin over the past seven days.
Data from Messari reports Tezos appreciating 12.12% over the past seven days in terms of its BTC price.
This can be attributed to the price action over the previous two days.
The price of Tezos increased by over 30% against Bitcoin during these two days of price action.
The price increase took place from an area of buying pressure at 16700 satoshis (sats).
After the two days of price increases, the daily candle today is forming a Doji candle reflecting high levels of uncertainty.
23550 sats is an area above current price action which has previously acted as an area of resistance.
Although the price did not rise to this point, it is possible that sellers anticipated resistance at this level and acted beforehand.
Buying momentum is currently very high as measured by the Daily and 4-hour RSI and MACD all increasing.
It is likely that the price of Tezos could continue to increase from here to retest 23550 sats as resistance.
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