Bitcoin Cash continues to trade in a consolidation pattern beneath the $238 level of resistance after recovering by 50% since March 13’s low of $144.
The world’s fifth largest cryptocurrency has endured a turbulent start to the year amidst coronavirus concerns and economic uncertainty.
It rallied by more than 149% between the turn of the year and 14th February, reaching the dizzy heights of $493 before losing 71% of its value within one month.
Moving forwards Bitcoin Cash is faced with a number of key hurdles before it can regain a truly bullish posture, with the daily 200MA at $274 presenting itself as a notable target.
However, before a test of the moving average comes into fruition Bitcoin Cash first needs to breakout above $238, which was also a point of resistance in October 2019.
A rejection from this point would likely lead towards a prolonged period of downside price action, with targets beginning to emerge at $196 and $164, the latter of which is a staggering 96% lower than Bitcoin Cash’s all time high.
Much of the upcoming price action will also depend on the direction of Bitcoin and cryptocurrency assets in general, with coronavirus expected to continue taking control of global capital markets.
Governments around the world are trying to protect economies by introducing quantitative easing measures, although the relief this will impose on the markets may be short-lived.
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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.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.