Bitcoin Cash Loses Its Position to Litecoin
Bitcoin Cash slips below 5th position as Litecoin takes over with a gaining momentum and the latter trading above $80 and $85. While the former reclaims its trading above $300 after trading below $300 in the previous quarter. It was also just in the last week when BCH/USD spurred as high as $373 but faced a stringent resistance to spike any higher and failed to reclaim YTD high. During the same duration, Bitcoin was seen rising as high as $19.5k and was just $500 away from retrieving its ATH and above.
Bitcoin Cash was trading at 5th position for the longest time and lost just when Litecoin—the oldest and reliable long-term investment crypto took over its position. Moreover, it was even in the previous week when BCH lost its position to LTC but reclaimed well before the weekend to rhyme the same momentum this week.
Bitcoin Cash Price Analysis
Bitcoin Cash, at the time of penning down this analysis, was seen trading at $313 after rising from the weekly support marked at $250. However, just before the hard fork of Bitcoin slipped below $300 in the last week, it has successfully breached 9-month resistance on the daily chart and reclaimed its position amongst the top 5 cryptos of the market.
This week’s momentum seems to have lacked steadiness as it dips yet again against the US Dollar. However, with intraday gain in price, Bitcoin Cash price is seen inclining towards the upper 20-day Bollinger Band and reclaims 50-day MA support at $267 that Bitcoin Cash lost in the last week when it slipped to $250.
The MACD chart shows a slight bullish crossover due to the gain in the price of Bitcoin Cash, and similarly, the RSI of the hard fork of Bitcoin also seems towards holding an inclination towards the overbought region, lies at 58.56.