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Bitcoin Cash, Ontology, Enjin Price Analysis: 05 December

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Bitcoin saw a dip from $19,500 to $18,500 in the past couple of days and was trading at $18,919 at the time of writing. Bitcoin Cash had a few days of calm sideways trading but could be headed lower in the coming hours. Ontology indicated a breakout was imminent, with the direction not yet confirmed. Enjin exhibited volatility in the short-term but offered opportunities to swing trade.

Bitcoin Cash [BCH]

Bitcoin Cash, Ontology, Enjin Price Analysis: 05 December

Source: BCH/USDT on TradingView

The Bollinger bands were beginning to tighten around BCH following its consolidation above the $288 support since 1 December, but the price dropped below that level in recent hours and the bands began to widen once more.

Since reaching a local high at $360, the price has formed lower highs and could form a descending triangle pattern, with a base at the $260 level in the coming days.

Before that can materialize, $274 is a level that has to be breached by the bears.

Ontology [ONT]

Bitcoin Cash, Ontology, Enjin Price Analysis: 05 December

Source: ONT/USDT on TradingView

ONT formed a descending triangle. This pattern indicated an imminent breakout with confirmation yet to be made. Trading volume has also been decreasing and would pick up upon a close outside the trendlines.

The RSI showed bearish momentum and a downtrend in progress over the past few days. The region at $0.54 has served as strong support, yet it could be flipped to resistance upon a close below $0.5.

Sometimes the descending triangle sees a fake move to the downside before a powerful reversal, hence traders must carefully manage stop-loss orders with ONT if trading this pattern.

Enjin [ENJ]

Bitcoin Cash, Ontology, Enjin Price Analysis: 05 December

Source: ENJ/USDT on TradingView

The daily chart for ENJ highlighted two important levels of resistance and support for ENJ. Since September, the level of resistance at $0.173 has not been conquered by the bulls despite multiple attempts on strong volume.

In the same time period, the support at $0.143 has held steady for the most part. The loss of this level saw ENJ dip to $0.112. Above $0.143, $0.16 level can be used as take-profit for long positions.

The MACD was above the zero line, in response to ENJ’s recovery from $0.112. The aforementioned levels can be used to execute swing trades. A daily close below $0.143 could spell trouble for bulls.

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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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