Bitcoin Cash is on the brink of a major break down in price following a breach of the $282 level of support.
The controversial fork of Bitcoin that sprawled into the limelight three years ago has now lost more than 26% of its value since November 24.
It is being propped up by the four-hour 200MA at the time of writing, although continuation to the downside seems most likely over the coming days and weeks.
Downside price targets remain at both the $242 and $204 levels of support, while if BCH can begin to stomach a bounce it may well retest the $282 level.
Much of it will also depend on if Bitcoin can either break its $20,000 all-time high with conviction or if it slides back to $17,650 to fill the gap on CME futures.
A sell-off in Bitcoin would accelerate declines for altcoins like Bitcoin Cash as investors seek to pull capital from more illiquid assets.
Conversely, if Bitcoin surges above $20,000 profits will eventually trickle to altcoins like Bitcoin Cash, in which case it would likely see a rally to at least $357 in the short term.
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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.