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Bitcoin Cash, Algorand, DigiByte Price Analysis: 15 November

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Has bitcoin bull run started yet?

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Bitcoin Cash has been moving steadily down the charts over the past few days, with BCH likely to see more of the same in the near-term. While a break out of its downtrend was possible in the coming days, the same wasn’t visible on the charts yet. Finally, Algorand’s market appeared undecided in the short-term, while DigiByte was set to register northbound movement.

Bitcoin Cash [BCH]

Bitcoin Cash, Algorand, DigiByte Price Analysis: 15 November

Source: BCH/USDT on TradingView

While Bitcoin Cash was moving within a descending channel (white), its trading volume has remained fairly constant over the past few days. This suggested that the cryptocurrency’s price would continue to move in the same direction.

A retest of the channel’s upper boundary should be looked out for as it could potentially be where BCH reverses its short-term downtrend.

Further, the RSI was observed to be slightly below 50, a sign of weak bullish momentum over the past few days.

At the time of writing, Bitcoin Cash was scheduled to undergo its six-month upgrade, one that could result in a hard fork if the community was unable to meet consensus requirements.

Algorand [ALGO]

Bitcoin Cash, Algorand, DigiByte Price Analysis: 15 November

Source: ALGO/USD on TradingView

Algorand formed a symmetrical triangle pattern (blue) on the charts, with its trading volume trending lower too. A close above the pattern could see ALGO climb to $0.29, while a close below could see it test the support at $0.25, before possibly dropping even lower.

The OBV was a bit inconclusive about the near-term trend. Since early-November, it has registered higher lows, yet there have also been some sharp dips after a higher high, signs of strong sellers in the market.

The long-term trend has been to the downside, and the $0.29-level has acted as stiff resistance over the past two weeks, making it likely that any surge towards that level would face rejection.

DigiByte [DGB]

Bitcoin Cash, Algorand, DigiByte Price Analysis: 15 November

Source: DGB/USDT on TradingView

A bullish divergence was noted (white) between the price and momentum for DGB. The crypto-asset had recently lost its level of support at $0.02 and was on a strong downtrend.

Hence, this bullish divergence was likely to see a bounce in price. It could test the level at $0.02 and confirm its flip to resistance, or a region of supply may be found at $0.0198 for DGB.

It can be expected that, after this bounce, a move south would commence.


Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.
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