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- Bitcoin Cash has observed a breakout from the consolidation and is ready for rally
- Technical indicators of BCH are favoring an upside trend. BCH/BTC pair has seen a gain of 1.51%
Bitcoin Cash is a cryptocurrency that was created in 2017 as a result of a hard fork from the original Bitcoin blockchain. It was created in order to address some of the issues that had been experienced by users of the original Bitcoin network, including slow transaction speeds and high fees.One of the main features of Bitcoin Cash is that it has a larger block size than Bitcoin, which means that it can process more transactions per block and therefore has faster transaction speeds. It also has lower fees than Bitcoin, making it more attractive to users who want to send small amounts of money.In addition to its technical improvements,
Bitcoin Cash has also been adopted by a number of merchants and businesses as a means of payment. Bitcoin Cash has faced some controversy since its creation, with some arguing that it is not a true form of Bitcoin and that it detracts from the original vision of the Bitcoin project. However, it has gained a strong following and continues to be a popular alternative to the original Bitcoin.
Technical Indicators Are Favoring BCH Bulls
The weekly technical chart of the Bitcoin Cash suggests a consolidated trend in price. On coming to the daily chart the asset price is trading near the value of $103 with a gain of 1.38%. Resistance of BCH price can be seen near $110. Meanwhile the support of the asset price can be seen near $90. The asset price is currently trading below the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the price to a new high in the future.
Conclusion
Bitcoin Cash has been relatively correlated with Bitcoin in the previous year. BCH is currently seeing a consolidated trend and can see a new high in the future.
Technical Levels
Major Support:$80
Major Resistance:$130
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
