This is a daily technical analysis by Omkar Godbole, a Coindesk analyst and franchised market technician.
Bitcoin Cash
Here are the top 100 best-performing cryptocurrencies in the past 24 hours and it looks like they are going to fight against Bitcoin against the Bulls.
This is because the BCH/BTC trading pairs listed on BitStamp have jumped out of the triangle pattern, which is determined by a series of falling intraday price highs and rising price lows, representing a narrowing price range.
Breakthroughs in these patterns often lead to major moves, meaning BCH can chalk against Bitcoin’s impressive bull in the days to come.
Apart from the Bull case, the ratio has exceeded the simple moving average of 200 days, which is a barometer of long-term trends track Retail and Institutional.
The expected rise in the ratio could face resistance of 0.00467, with the swing registered in February 2024, followed by a December high of 0.00636.
The bullish outlook is invalid if the possible move is below the probability of a monthly move below 0.00373.
The bearish divergence of hype
The hype tokens that dispersed exchange of super liquidity could be lowered, with nearly five times the rally dropping to $44 in three months.
The daily price chart for HYPE shows that although the token has recently encountered higher intraday highs, the 14-day relative intensity, momentum Osicaltor, is lower, confirming the so-called negative difference. The pattern is said to reflect a weakening of the upward momentum and usually indicates a bearish trend reversal.
