Price Analysis

Bitcoin Cash (BCH) Pulls Back Below 61.80% Fib Level

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Bitcoin Cash, one of the top 5 cryptos of the global market, is trading below $250 at $216.56 with a bearish crossover against the US Dollar. However, forked out of Bitcoin, the BCH coin has an amplified use case. In this regard, BCH is now readily accepted at two new stores that include a butcher shop and market shop in Venezuela.

Bitcoin is the foremost cryptocurrency and a breakthrough for digitalization, but Bitcoin Cash is the largest crypto, and therefore, for an even enhanced interest of the investors in the upcoming year, the coin should necessarily plan its transition to a DeFi platform, which is the need of the hour.

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Bitcoin’s upgraded version is Bitcoin Cash, as believed by the masses, and is likely to gain massive adoption in the upcoming years. Bitcoin Cash has an amplified ranking and is above the most gainful altcoins of the year. However, the price movement of the BCH coin is not favorable enough at the moment due to a lack of traction against the greenback.

Bitcoin Cash Price Analysis

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BCH/USD Chart By TradingView

Today, at the press time, Bitcoin Cash was trading at $216.56 with a negative sentiment against the US Dollar below the 61.80% fib level. After a brief candlewick rise above $300 at $336 at the onset of the previous month, BCH/USD has now lost around 35% in around two months.

With this, the price trend is already breaching the lower band due to price pullback, and alongside, the bands are seen squeezing gradually, yet it is afar from hitting the extremities. Bitcoin Cash, after drawing a YTD low at $131 earlier this year in March, it strengthened as high as $336 in the previous month after a 4-month consolidation with a flattish trend below 61.80% fib level.

However, the BCH coin is yet to restore the lost height it hit at the onset of the year against the US Dollar when it spurred as high as $47, yet faced a rejection above $500. In this regard, the MACD chart shows an intersection of the MACD line and signal line due to a flat movement of BCH/USD. The RSI of Bitcoin Cash is marked at 40.16, with a strong inclination towards the support area.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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