Bitcoin Cash has presented a notable bearish scenario as it moves into the typically low volume weekend of price action, with it languishing down around the $230 level of support.
The world’s fifth largest cryptocurrency, which famously spawned out of a Bitcoin hard fork in December 2017, has remained stable in terms of price over the past three months.
The daily 200 moving average remains a key hurdle for Bitcoin Cash in the short and medium term, with it causing four succinct rejections since the first test on April 8.
Until it can break above the 200MA the overall picture remains bearish with an eventual slide to the $204 level of support seeming likely over the coming months.
Much of the upcoming price action will depend on Bitcoin and whether it breaks out above $10,500 or breaks below $9,000.
A bullish break, coupled with the recent halving event, would bode well for the entire cryptocurrency market as profits typically flow from Bitcoin into more speculative bets like altcoins.
However, a break down in price would cause an adverse move in the value of altcoins, as traders need to move back into Bitcoin in order to liquidate back into fiat currency.
As noted in Coin Rivet’s daily analysis yesterday, the potential impact of a covid-19 second spike remains the largest threat to global capital markets due to its unpredictable nature.
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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.