Bitcoin Cash (BCH) is one of the
largest digital currencies in the world by market cap. The digital currency has
been a great choice for many investors in the digital currency space. Bitcoin
Cash (BCH) was hard forked from Bitcoin (BTC) in August last year.
Since then, the digital currency
has grown so strong and popular. During the massive rally in December last
year, the digital currency tested its all-time high. However, the digital
currency was also affected by the massive plunge in the crypto market.
Bitcoin Cash (BCH) has lost a
great percentage of its value, compared to its all-time high. The bears in the
market have brought down the value of the
coin from thousands of dollar to hundreds. The digital currency is now trading
below the $200 mark, which is more than 90 percent less than its all-time high.
Bitcoin Cash (BCH) recently went
through an upgrade, which didn’t go as planned. The upgrade led to a split in
the Bitcoin Cash (BCH) network. The outcomes of the split are Bitcoin Satoshi’s
Vision (BSV) and Bitcoin ABC.
This result in a war on the BCH
network. The war was about which of the splits will maintain the original BCH
ticker and symbol. However, the dust finally settled with Bitcoin ABC winning
the war. Many have attributed the
massive declines across the crypto market to the split on the BCH network. Even
Bitcoin Cash (BCH) itself suffered a great loss.
Bitcoin Cash (BCH) Price Analysis
Recently, there was a decent
upward trend over the $120 and $180 marks in the value of Bitcoin Cash (BCH)
against the U.S dollar. The digital currency even traded over the $200 and $220
hurdle point. Later, the digital currency market saw an increase in selling
pressure, this resulted in a sharp decline in the value of Bitcoin (BTC),
Bitcoin Cash (BCH), Ethereum (ETH), XRP (XRP), EOS, and Litecoin (LTC).
BCH formed a top close to the
$237 mark before the value of the coin started consolidating in a rage over the
$200 mark. The value of the digital currency declined below the 23.6 percent
Fibonacci retracement level of the previous swing from the low of $84 to the
high of $237.
Sellers were in control of the
market and they pushed the value beneath the $200 and $180 support levels. In
addition, the value of BCH broke key
triangle support at the $190 mark. BCH traded below the $160 mark and it looked
poised to decline below the $144 mark and the 61.8 percent Fibonacci
retracement level of the previous swing from the low of $84 to the high of
If the digital currency had
declined further, it would have tested and broken below the $120 resistance
level. The $120 mark is a crucial support level since it is close to the 100
simple moving average (SMA).
On the upside, the immediate
resistance of the digital currency is at $175
and $180. Over this level, the next hurdle is at the $200 mark.
Bitcoin Cash (BCH) Price Today – BCH / USD
Bitcoin Cash (BCH) is currently
trading at $171 after a decrease of about 21 percent over the past twenty-four
hours. The current market cap of the digital currency is $2.86 billion and its
trading volume over the past twenty-four hours is $452.09 million.