Within the last 24-hours, Bitcoin Cash has scaled up on the bull ladder. The prices will keep appreciating in the coming days if all go well. The fundamental analysis look good irrespective of the node migration issues it suffered earlier. Bitcoin Cash is becoming more popular globally with more exchanges listing it.
Price Analysis for Bitcoin Cash
The slide in market capitalization and bad performance of Bitcoin Cash can be linked to the downward performance of the cryptocurrency market as a whole. Critics have been unable to blame the performance on a technical glitch or a loss of case applications of Bitcoin Cash. The Bears seem to be up by 60% since April’s high.
There is a typical retracement after the periods of higher highs that was experienced in April. There is a relationship between trading volumes, ranges, and, key inflection points. The buyers keep rejecting lower lows within lower time frames. This means that the candlestick of last week will mark a climax if there is a bullish candlestick this week.
The price action may be heading towards a double bar bullish reversal pattern from May 28 and 29. The may 29th pattern is especially important because this was the time the buyers jumped in. There was a significant surge in price rejecting the lower lows. After that day, the prices didn’t go higher the next day and that wasn’t a problem.
After yesterday’s bullish candlestick, BCH buyers should prepare for under-valuations within lower time frames. Buyers should aim for $1,800 and stop buying at $900.
The next few trading sessions will determine if Bitcoin Cash will meet up to the expectations of the community or fall as predicted by critics who do not believe in the cryptocurrency.
Bitcoin Cash isn’t the only coin under heat. Almost all the major coins are facing market pressure and traders are worried about the long term stand of their investments. Since the cryptocurrency market is volatile, no one can predict what the future holds for cryptocurrencies accurately.