In the past twenty-four hours, Bitcoin Cash (BCH) has been scaling up the bullish ladder. It has increased by 2% and chances are the value of the coin will continue to surge in the coming days. Bitcoin Cash is not listed on De Vere and their users can now purchase or sell the digital currency as they wish. All that is required of them is to download the deVere mobile application and that’s all.
The Emergence of Bitcoin Cash
The beginning of the present Bitcoin Cash squabbles can be traced back to August last year and the New York Agreement. Then, it was a few months prior to crypto-mania that saw some of the major digital currencies such as Bitcoin exploding to their ATHs.
At that time, the network was congested and afterward, transaction fees skyrocketed. To avoid such occurrence, one of the agreements detailed a solution of reducing the transaction fees of BTC network. SegWit was a success but SegWit2X failed, shortly after the failure, Bitcoin Cash emerged.
Technical Analysis of Bitcoin Cash Price
Understandably, the decline in the value of BCH and the market cap can be linked to the poor performance of the digital currency market in May. It isn’t an individual digital currency performance per say neither can a technical glitch of user case be pointed out satisfactorily by critics.
The bears of Bitcoin Cash (BCH) has increased by 60% from April highs of about $1,800. This is quite encouraging and it indicates typical retracements following the periods of higher highs that were seen in April.
The Daily Chart of Bitcoin Cash (BCH)
To determine the most profitable price action direction, references can be made to the double bar bullish reversal pattern on the 28th and 29th of May. Nevertheless, after the bullish candlestick yesterday, BCH buyers can look for under-valuations in lower time frame charts and move along with the trends. The ideal purchase target lies at $1800 and stops at $900.