Bitcoin Cash doesn’t have fundamental problems. The main problem facing the cryptocurrency is its failure to overcome the hurdles despite the effort of the cryptocurrency community to boost its price.
Technical Analysis for Bitcoin Cash
Before now, several Bitcoin Cash enthusiasts believed that the hard fork would move to higher levels by the end of the week. Unfortunately, this hasn’t happened and may not happen considering this week’s price action.
Sellers are pushing prices and bringing new lows as the trading seasons go by. Over the last seven days, Bitcoin Cash has been one of the top 10 losses coming third to IOTA and Cardano. Everyone is wondering when the trend will change.
The fact is that there has been a bearish sentiment in the cryptoverse over the past few weeks with reversal attempts being pushed back by the bears. However, if there are higher highs in the next few days, there might be another selling pressure wave taking the price of Bitcoin Cash to $850. If there is a long low wick during the weekend, the price might be pushed up to $1,500.
May 18 was marked with a bullish peak that broke the price below $1,100 and today, it is trending towards the $850 support level. The market is down but participants will be more optimistic if the bulls are able to bounce off the main support of $850. However, there is a divergence between market volumes and prices. While the prices are going down, the market volume is increasing.
Traders should buy when the market is showing signs of a push thrust above $1,300. If the coin is to go below the May 24th low, the coin might test $850.
The next few trading sessions and are critical to the short term progress of the coin. Traders need to be on high alert to avoid a complete loss.