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Bitcoin Cash, Tezos, Ethereum Classic price analysis: 16 August

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Why bitcoin has a bright future ahead: hint? Network effect

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With all the buzz around Chainlink’s and Bitcoin’s rapid rise and consolidation, respectively, other resurgent and dampened altcoins have been left out of the limelight. Bitcoin Cash, the hardfork of Bitcoin, for instance, has been replaced on the 5th spot of the coin market by the aforementioned Chainlink. Tezos despite a bullish rise has been outdone by EOS and Ethereum Classic, is down to the 26th spot on the coin ladder.

Bitcoin Cash  

Source: BCHUSD via Trading View

 Despite a 3.85 percent daily price gain, the BTC hardfork has been ousted by the double-digit gains of LINK. However, BCH, on the 4-hour chart has been doing well over the past 4 days trading in a strong rising wedge marking a 10 percent gain.

Support for the altcoin lies fairly low at $265, while resistance is immediate at $310. Only for a brief few hours was BCH’s price over this resistance level and was pushed below on August 7, since which it hasn’t moved above.

Bollinger Bands indicated rising volatility as the price begins to pick up with the simple moving average below the coin’s price, hinting at a mild bullish swing.

OTC trading of Bitcoin Cash and Litecoin funds by crypto asset management company Grayscale was recently given the green light by the US Financial Industry Regulatory Authority [FINRA].  


Source: XTZUSD via Trading View

Pushed out from the periphery of the top-10, Tezos has been wayward over the past few days. Since its massive pump between August 7 to August 10, rising by 39 percent, the price has dropped by under 3 percent in the past few hours.

Trading in a fairly broad upward channel the price has mounted two higher highs in the past two weeks indicating strong movement. If this continues the current price of $4.17 could rise over the previous high at $4.45.

Chaikin Money Flow indicator suggested a net outflow out of XTZ as the indicator has moved below 0 for the first time since August 7, as traders lock their profits since the altcoin jumped.

Teozs and Chainlink were the few prominent altcoins that surged above their respective ATHs [post launch] during the bull-run which began at the end of July.

Ethereum Classic   

Source: ETCUSD via Trading View

The hardfork of the top-altcoin Ethereum, Ethereum Classic has been muddled in sideways trading since the collective market’s drop on August 2. With the alt suffering a 51 percent attack earlier in the month, the network’s woes are spilling onto the price charts.

Strong sideways channel ranges between the support of $6.71 to the resistance at $7.36. However, since August 13, the price has turned up, rising by 8 percent but finding yet another resistance at $7.25.

Relative Strength Index for the altcoin is closing in on the overbought range of 70 despite its price not rising significantly indicating the low confidence investors have in the coin at the moment.

Prominent exchange OKEx stated in a report that if Ethereum Classic does not upgrade its network security the exchange would “consider delisting ETC.” 


Aakash is a full-time cryptocurrency journalist at AMBCrypto covering primarily the US market. A graduate in Finance and Economics, his writing is centered around regulation and institutional investment within the cryptocurrency space. He is also an aspiring triathlete.
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