Price Analysis

Bitcoin Cash Devaluation Continues, Shows No Sign of Recovery

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Recently, some of the BCH developers revealed about a new crypto platform called Honeypoints, which is released for beta testing on Testflight of Apple. This application is created by two former Bitcoin.com developers. They also revealed that this token reward platform is built on the Bitcoin Cash network. But will that help the network to grow stronger? Let’s wait and see!

BCH to USD Price Analysis

From the last five days, the highest BCH price was initially realized on September 09, 2019 at 11:20 UTC trading at $311.7. The value from then dropped by huge percent of 6.02% on September 11, at 17:45 UTC, when the trading price changed to $293 which was the lowest point for the last 5 days. Bitcoin Cash price slightly increased by 3.20% on September 12, 2019, trading at $302.2 at 18:40 UTC. The value from then is dropped by 1.63% today at 07:05 UTC.

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Bitcoin Cash Price
Bitcoin Cash Chart By TradingView

Bitcoin Cash Price Prediction

BCH coin was stuck with the bear pressure from the past few days, seems to be sliding a little towards its immediate support level. But as of now, it will be a good start for the investors to enter into trade of Bitcoin Cash. You might want to decide on ‘buying’ BCH as of now, to enjoy some returns in the coming few weeks.

It is understood that the return on investment of the BCH coin is not quite impressive. But with sliding valuation seen on everyday basis, the short-term investment can be considered as fruitful decision to earn considerable returns. But for long-term returns, traders have to be patient with their trade decision. At such difficult times, the resistance and support levels can help the investors to avoid any trade mistakes:

R1: $300.94, R2: $303.62 and R3: $306.18

S1: $295.7, S2: $293.14 and S3: $290.46

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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