Bitcoin Cash (BCH) has been hit hard by the sudden market downtrend. Its price, which was trading above $400 earlier this month, is now close to $300, representing a massive 25% loss in value.
BCH is currently trading at around $306 – about 3% higher than last week.
BCH has been trading sideways over the last week, and investors are still not sure where price will go next.
Let’s find out why.
Looking at the chart above, we can see that the price of BCH is now trading below all its EMAs, even though volume-wise BCH is still supported by a massive wall near $168-$170.
Bitcoin Cash broke the $340 level around its 200-day EMA in early May, and the 100-day EMA is currently still above the 200-day EMA – a clear bullish signal. Moreover, volumes have remained strong since mid-May, helping BCH to break key levels and find support initially around $360 and later around $400.
Last week, I mentioned I expected BCH to start moving back towards $400 following the market downturn. This has yet to happen as the bears and bulls have been tussling all week, keeping price relatively steady.
For now, BCH will keep trading around the $300-$320 levels until there’s a push in BTC. There is a high probability price will accumulate for a few more days/weeks before making a move upwards, as we’ve seen in past bull runs.
When the recovery comes, I expect BCH to quickly go back to the $400 region.
However, beware of sudden moves towards $280 and down to $258. To go any lower, BCH would need to break most of its price walls – something I don’t think will happen.
In addition, BCH is trading close to its bottom vs BTC, as I highlighted yesterday, meaning we could be near a reversal.
I recently spoke with Bitcoin Cash’s strongest advocate, Roger Ver, and discussed the most recent developments on the horizon for BCH. You can find all the details here, but the most juicy news seems to be the recent spike in adoption due to the implementation of smart contracts. Roger, like myself, believes key components for mass adoption are speed and flexibility. What Bitcoin Cash Oracles offers is a way for any user to easily deploy an “escrow” transaction that can be used to trade globally – without the hassle of trusting the other party.
I personally think these “trade escrows” will be key in terms of adoption, especially for work-related tasks. In a way, they do enable milestone-based funding, which may be the new and better way of conducting ICOs instead of simply creating an extra layer of complexity with STOs that require KYC and accreditation – something that goes against what we should be promoting within the crypto ecosystem.
Current live BCH pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest BCH price. Pricing is also available in a range of different currency equivalents:
US Dollar – BCHtoUSD
British Pound Sterling – BCHtoGBP
Japanese Yen – BCHtoJPY
Euro – BCHtoEUR
Australian Dollar – BCHtoAUD
Russian Rouble – BCHtoRUB
Bitcoin – BCHtoBTC
About Bitcoin Cash
Bitcoin Cash was born out of the idea of making Bitcoin more practical for small, day-to-day payments. In May 2017, Bitcoin payments took about four days unless a fee was paid, which was proportionately too large for small transactions. A change to the code was implemented and Bitcoin Cash was born on 1st August 2017.
More Bitcoin Cash news and information
If you want to find out more information about Bitcoin Cash or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started:
By Scott Thompson – July 30, 2019
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
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