BCD Technical Analysis: Price Likely to Fall Below the First Support Level of $4.32
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BCD Technical Analysis: Price Likely to Fall Below the First Support Level of $4.32

May 7, 2021      Ankita Awasthi

Bitcoin Diamond (BCD) is hard forked from the Bitcoin codebase. Bitcoin Diamond network has advanced security features and uses a different Proof-of-Work algorithm. Its transaction processing speed is higher than the Bitcoin blockchain network as it separates transaction signatures from the on-chain transactions. In the past week, the BCD token has reached record highs.

Past Performance

On April 30, 2021, BCD opened at $2.25. On May 6, 2021, BCD closed at $4.51. Thus, in the past week, the BCD price has doubled. In the last 24 hours, BCD has traded between $4.48-$8.

https://s3.tradingview.com/snapshots/w/wQiVfiur.png

https://s3.tradingview.com/snapshots/w/wQiVfiur.png

Day-Ahead and Tomorrow

Currently, BCD is trading at $6.01. The price has increased from the day’s opening price of $4.48. Thus, the market seems to be healthy.

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The MACD and signal lines are negative. Hence, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may turn positive soon. Hence, the price may continue to rise after a temporary price pullback.

Currently, the RSI indicator is at 50%. It faced rejection at 55% and fell to this level. Hence, selling pressures are high. Therefore, the RSI indicator is indicating a price pullback like the MACD oscillator.

The OBV indicator is upward sloping. Hence, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the BCD price.

BCD Technical Analysis

In a nutshell, when we look at all the oscillators together, we can say that a price pullback is on the anvil. But, thereafter, the price may start rising again.

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Currently, the price is above the Fibonacci pivot point of $5.66. The price is likely to fall up to the pivot point and further below the first support level of $4.32. Thereafter, we have to wait and watch to see if the price starts rising again.

The price has currently tested and fallen below the 50% FIB retracement level of $6.24. In a few hours, if the price retests and breaks out of the 23.6% FIB retracement level of $7.17, then we can expect the price upswing to continue tomorrow as well.

#BCD #Bitcoin Diamond
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.