Overall, BCH has gained about 3% since last week and close to 5% over the last 24 hours.
Will the downtrend continue for much longer? Or will BCH start to recover quicker than Bitcoin (BTC)?
Let’s take a look at the chart.
Looking at the chart above, we can see that the price of BCH recovered during early August before crashing twice towards the middle and end of the month.
Unfortunately, the gains of early August were lost and the price came crawling back down to below $300 in September before the huge market-wide meltdown hit the coin hard.
At its lowest point during the past month, BCH touched $200 before recovering almost immediately to over $225, where it sits now.
Last week, I mentioned there could be a chance for more upwards movement following the bounce at $200. However, at the time of writing, that now seems highly unlikely until we have worked through a period of consolidation around the new low.
Currently, Bitcoin Cash is trading well below all its EMAs. Looking at the volume profile, we can clearly see BCH has strong support below $200 and almost no resistance until the $270-$280 level.
If the market starts swinging stronger to the upside over the next couple of weeks, some altcoins like BCH have a high chance of making gains since the coin has already lost over 40% since June’s yearly high.
For the time being, I expect BCH to fluctuate between $200 and $270. If there’s decent volume coming in over the following days, there’s a decent chance Bitcoin Cash will start making higher lows while it accumulates to the upside.
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
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.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.