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- 1 Bitcoin cash is currently seeing recovery after testing the 100 DMA line as a support.
- 2 Technical indicators of BCH are favoring weak upside momentum in price. It has seen a fall of 0.69% in the BTC pair
Bitcoin Cash was created as a hard fork of Bitcoin in 2017 .It was designed to address the scalability issues of Bitcoin by increasing the block size and processing more transactions per block.
BCH has a fast transaction processing speed. With its larger block size limit, it can handle more transactions per second than Bitcoin,. It has low transaction fees, making it a cost-effective option for sending and receiving money.BCH has undergone several upgrades to further enhance its capabilities. In 2018, the BCH network underwent a hard fork that resulted in the creation of two separate chains: BCH ABC and BCH SV. In 2020, BCH underwent another hard fork that introduced a new mining algorithm called SHA-256D. This upgrade made BCH more secure and resistant to attacks, as well as improved its mining efficiency.
Bitcoin cash has a market cap of $2.5 Billion and is ranked 27th in the cryptoverse. Volume of the BCH has seen an increase of 8% in the intraday session. Volume to market cap ratio of Bitcoin Cash suggests a consolidated trend.
Bulls Of BCH Are Gaining Traction
The weekly technical chart of BCH suggests a consolidated trend in price.On the daily chart a recovery can be seen. Bitcoin cash is currently trading near the value of $130 with a jump of 3% in the intraday session.Bitcoin cash support can be seen near $120.Meanwhile a resistance while being on an upside trend can be seen near $140.
It is trading above the 100 DMA and near the 50 DMA line. There can be a positive crossover which can push BCH price to a new high.
The RSI of BCH is near 52 suggesting its presence in the neutral zone.The overall sentiment of RSI is weak bullish.
Conclusion
Bitcoin cash is currently looking for a breakout above $150. Various analysts are expecting a strong upside trend in future.
Technical Levels
Major Support:$120
Major Resistance:$140
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
