Bitcoin Cash is the hard fork of Bitcoin, which combines the old benefits of the protocol after introducing positive changes in the network. It makes the network faster and more secure than Bitcoin. Indeed, BTC is a popular cryptocurrency, but if you understand the fundamentals of Bitcoin, you should also consider BCH in your portfolio because it offers better features than BTC.
Bitcoin Cash has increased block efficiency with a block size of 8 MB, while Bitcoin has a maximum block size of 1 MB. It means BCH offers faster transactions than the older version.
Many merchants accept Bitcoin payment, but when they understand that they can save thousands of dollars in transaction fees by switching to Bitcoin Cash, thus BCH may take the place of BTC. However, it depends on market adoption.
If you are considering which is the better network between Bitcoin and Bitcoin Cash, then it is tough to decide at this moment. For many investors, Bitcoin is a more time-tested asset, which provides a historical return better than the stock market and bonds.
So, people may still prefer Bitcoin (BTC) over Bitcoin Cash (BCH). If you are investing in 2022, you should invest more in Bitcoin (BTC) and less in Bitcoin Cash (BCH) because it is still new in the crypto world. However, click here to know more about the price projections for the next few years.
According to the short-term chart, we think BCH will consolidate between the levels of $110 and $140 because these are the strong support and resistance for the short term, but if Bitcoin Cash crosses the level of $150, it may move even to $180.
At the time of writing this post, BCH was trading around $130.30, which is in the upper Bollinger Bands. The BB also lacks volatility which suggests a consolidation phase for the short term. MACD and RSI are bullish, so BCH’s price will move to the resistance of $140; we do not think it will cross that level within a few weeks.
After reaching an all-time high of $4,355.62, it is now trading around $130. On the weekly chart, BCH has taken support at around $105 and formed two weekly green candles, which suggests a surge, but you should not invest for the long term until it crosses the significant resistance level.
On the weekly chart, candlesticks are forming in the lower range of the BB; MACD and RSI are showing bearishness, so it is not a good time for long-term investment.