Bitcoin Cash (BCH) Fails To Break Over the $240 Hurdle Point and Declined Sharply

Bitcoin Cash (BCH) is one of the largest digital currencies in the world by market cap. The digital currency has been a great choice for many investors in the digital currency space. Bitcoin Cash (BCH) was hard forked from Bitcoin (BTC) in August last year.

Since then, the digital currency has grown so strong and popular. During the massive rally in December last year, the digital currency tested its all-time high. However, the digital currency was also affected by the massive plunge in the crypto market.

Bitcoin Cash (BCH) has lost a great percentage of its value, compared to its all-time high. The bears in the market have brought down the value of the coin from thousands of dollar to hundreds. The digital currency is now trading below the $200 mark, which is more than 90 percent less than its all-time high.

Bitcoin Cash (BCH) recently went through an upgrade, which didn’t go as planned. The upgrade led to a split in the Bitcoin Cash (BCH) network. The outcomes of the split are Bitcoin Satoshi’s Vision (BSV) and Bitcoin ABC.

This result in a war on the BCH network. The war was about which of the splits will maintain the original BCH ticker and symbol. However, the dust finally settled with Bitcoin ABC winning the war.  Many have attributed the massive declines across the crypto market to the split on the BCH network. Even Bitcoin Cash (BCH) itself suffered a great loss.

Bitcoin Cash (BCH) Price Analysis

Recently, there was a decent upward trend over the $120 and $180 marks in the value of Bitcoin Cash (BCH) against the U.S dollar. The digital currency even traded over the $200 and $220 hurdle point. Later, the digital currency market saw an increase in selling pressure, this resulted in a sharp decline in the value of Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), XRP (XRP), EOS, and Litecoin (LTC).

BCH formed a top close to the $237 mark before the value of the coin started consolidating in a rage over the $200 mark. The value of the digital currency declined below the 23.6 percent Fibonacci retracement level of the previous swing from the low of $84 to the high of $237.

Sellers were in control of the market and they pushed the value beneath the $200 and $180 support levels. In addition, the value of BCH broke key triangle support at the $190 mark. BCH traded below the $160 mark and it looked poised to decline below the $144 mark and the 61.8 percent Fibonacci retracement level of the previous swing from the low of $84 to the high of $237.

If the digital currency had declined further, it would have tested and broken below the $120 resistance level. The $120 mark is a crucial support level since it is close to the 100 simple moving average (SMA).

On the upside, the immediate resistance of the digital currency is at $175 and $180. Over this level, the next hurdle is at the $200 mark.

Bitcoin Cash (BCH) Price Today – BCH / USD

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Bitcoin Cash (BCH) is currently trading at $171 after a decrease of about 21 percent over the past twenty-four hours. The current market cap of the digital currency is $2.86 billion and its trading volume over the past twenty-four hours is $452.09 million.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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