Bitcoin Cash has surged by more than 12.5% following yesterday’s daily candle close, as it now takes aim at the $238 and $282 levels of resistance.
The industry’s fifth largest cryptocurrency now has a market cap of $4.24 billion, a sharp increase from yesterday evening when it was $3.85 billion.
The rally came after a test of the $202 level of support, that was also key in the later stages of 2019 before the impressive hike to $493 in February.
While breaking above the $238 level of resistance will initially be key, the daily 200 moving average coming in at around $270 will be the key point to break through.
A break above the 200MA following five weeks of trading below it would indicate a clear shift in sentiment, which may well tie in to the upcoming Bitcoin halving.
The Bitcoin halving will take place in May, with rewards for miners being slashed from 12.5BTC per block to 6.25BTC per block.
The event is historically bullish, with the two previous occasions preceded a series of cryptocurrency bull markets and consecutive all-time highs.
Altcoins like Bitcoin Cash typically perform well after BTC’s initial rally and consolidation as traders take profits and diversify into more speculative assets.
If Bitcoin Cash can break above at least $270, if not $328 by the halving, it will set itself up perfectly for major upside in the second half of the year.
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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.
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