Bitcoin Cash has failed to break above the daily 200 moving average in spite of a wider rally across the cryptocurrency market.
While Bitcoin and Ethereum both enjoyed staggering surges to the upside, Bitcoin Cash struggled to make progress after suffering a brutal rejection 200MA.
Even though it momentarily rallied to $276 Bitcoin Cash soon lost momentum before falling back down to the $255 level of support.
The failure to form a crucial lower high signals a distinct lack of optimism from investors and traders, with the potential of a correction now becoming increasingly likely.
Downside price targets continue to emerge at both $238 and $200, although a re-test of the low at $142 may also come into fruition if Bitcoin Cash continues to struggle on lower time frames.
When compared against its BTC trading pair BCH is 40.68% down since February 14 which demonstrates how far it has fallen in such a small space of time.
In order for Bitcoin Cash to invalidate its bearish forecast it needs to begin closing daily candles above the daily 200MA, which is currently in confluence with the $269 level of resistance.
Following on from that it would need to trade back above $282 as this was the point the sell-off began in early March.
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Pricing
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:
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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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.