Bitcoin Cash has once again picked itself up from a correction after rallying by 7.26% over the past 24-hours.
With it currently trading at around $219 it now looks like it may retest the $238 level of resistance for the first time since 20th March.
A breakout above $238 would signal continuation to the upside with $269 and $284 emerging as potential targets.
However, an injection of volume is certainly needed in Bitcoin Cash’s case with trades seemingly drying up across all exchanges over the past week.
If bulls run out of steam over the next 48-hours then Bitcoin Cash will be back in bearish control, with a slide below $200 looking most likely.
Much of the upcoming price action will depend on the direction of Bitcoin, which rallied back to the $6,430 level overnight after slumping to a $5,900 low on Sunday.
Cryptocurrencies seem to be generally recovering well from the shocking sell off earlier this month with Bitcoin Cash being 63.19% up from its low of $135.
As the Bitcoin halving event edges closer several analysts are predicting an impending crypto bull market as supply of Bitcoin from miners begins to dry up.
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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.