Bitcoin Cash (BCH) Price Fails to Break the Consolidation!
Bitcoin Cash is a fork version of Bitcoin with slight changes in the basic rule of the protocol. The developers proposed increasing the size of the block for better efficiency, but some community members disagreed with the proposal. That is why Bitcoin Cash, a forked version, was created to meet the needs.
Although the name resembles Bitcoin, it is a separate crypto in the industry with lots of different features and facilities. It was first created in 2017 to improve scalability and higher confirmation time. That is why the developer understands the original 1MB Bitcoin block size limitations and wants to accommodate more transactions in each block by making it 32MB, which will increase the scalability of the network.
However, it was not possible on the main blockchain, so a fork was created. Bitcoin Cash is an open-source, decentralized digital ledger using cryptography to solve equations for mining. The miners receive BCH for their work, which is available for buying, selling, and trade on the exchanges.
BCH is also used for business transactions that accept Bitcoin Cash. Popular cryptos such as BTC and ETH are observing outflows in this uncertain time. The money has been flowing from riskier assets to safer assets in fear of upcoming recession and ongoing inflation.
You should prefer safer options even in cryptos, and BCH might not be a good choice for long-term holding. Still, if you are interested in investing in Bitcoin Cash, click here before making the final decision.
At the time of writing, BCH was trading around $119.74, which is consolidating between a range of $134 and $110. The RSI is around 50, and Bitcoin Cash candlesticks are forming in the upper BB, which suggests a good opportunity to invest for the short term. Please maintain a strict stop loss.
Candlesticks are forming a triangle pattern in the lower range of Bollinger Bands that suggests a consolidation for the long term. It is a good time for a short-term investment, but you can add it to your watchlist and invest when it breaks the crucial resistance.
