Last week, Bitcoin Cash (BCH) was slowly recovering from a substantial dip earlier in the month that saw its price plummet from around $440 to $389, representing an 11% drop.
BCH has since made an incredible move upwards, going from $420 to higher than $500, representing an almost 20% gain. Price has now corrected to around $475, where we can see a clear support line forming.
Will BCH keep the momentum and fly even higher?
Let’s take a look at the latest BCH price action.
Looking at the chart above, we can clearly see BCH has broken through some important resistance barriers.
Bitcoin Cash broke the $330 level around its 200-day EMA in early May, and the 20-day EMA has now moved 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. Looking at the current signals, BCH appears to be finding new support around $475 following the pump in price last Friday.
Last week, I predicted BCH could moon past $440, which did eventually happen. We should be aware the new target upwards is around $520, where some resistance has formed. To the downside, Bitcoin Cash could eventually fall and touch the $420 support level again.
Be aware that we may experience close to 60% drops, as this did happen in a similar situation during 2015 prior to the last massive bull run.
For the time being, I expect BCH to settle above the $500 level with minimal hassle once Bitcoin gets a push. There is a high probability price will accumulate for a few more days/weeks before making a move upwards.
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:
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.