Even with the launching of the cash register for iOS platform, Tuesday, May 28th was a little painful for some of the investors as the price was still fluctuating in the red zone. The second half of the day saw 1.9% of depreciation in the price.
However, the pennant pattern is likely to be retested as the price is sitting on the top of the formation breaking out the entire pattern. So, it is better to watch the volatility closely and make an appropriate decision when the time is right.
Maybe the price analysis of May 29th can bring some changes in the pattern. Let’s see.
Price analysis of BCH on May 29th, 2019
Investors are still disappointed with the red ink chart where the value is traded at 424.75 at 5:17 UTC, today. The Return on Investment is dropped down to 23.39%. However, the ranking of BCH is still on 4th position considering that the bucket is a holding by Bitcoin family. The Market Capitalization is $7,583,416,359 USD carrying 24 hour volume value at $1,765,496,313 USD.
Speaking of comparing the values, investors analyzing Bitcoin Cash might still remember the same time last year. The days were good, and the inking was above the baseline. On 29th May 2018, the value was $982.25, which is dropped by 56% as of today. Ouch! Not really something to celebrate about, isn’t it?
Also, last year, on 3rd June, the coin showed great progress when the value touched the price mark of $1166.71, which is 63.59% less than the current value. With the slow escalations, Bitcoin Cash will move slowly to the breakpoint, which means that long term investment might not be an ideal investment strategy in Bitcoin Cash. Investors might be dreaming of last year returns as it was a delightful period, and the scenario was exactly the contradictory to the current statistics.
However, if you analyze the chart from the beginning of 2019, the value has increased to 158% as of today, which is still a sign of relief for those who are investing on short-term regulation.
Prediction and Conclusion:
The rumors are that the Bitcoin Cash might face the drop very soon. The investors must keep a close look at every second trend. But the coin crash or not is a big question here! Investors are already bending towards the other ranking coins in the market. Such news can turnaround the market 360 degrees.
Till then, investors can rely on resistance level between $442 and $455 along with support level between $415 and $428 respectively. However, you might not want to base your investment decision on these levels as the market might change the whole picture.
Considering the high volatile condition and bullish nature of the coin, you might want to rethink about your investment decisions. The Return on Investment speaks for itself as it is dropped by 23%, which is a real concern in the market.