Has the Price of Bitcoin Cash [BCH] Reached a Bottom?

2018-11-22 13:09

Yesterday, major markets such as Coinbase reopened trading in Bitcoin Cash after closing to facilitate a controversial hard fork. The price opened drastically lower than where it closed prior to the fork reflecting the depreciation which had taken place in Bitcoin Cash while the markets were closed. Markets which remained open such as Kraken saw Bitcoin Cash decline over 50% from $425 to below $210.

Bitcoin Cash formed its 2018 low on Tuesday at around $202. It has since begun to rise and now trades around $250. Although this seems like bullish price action that may be somewhat spurred by markets reopening, it corresponds with the overall markets movements. The market leader Bitcoin which represents over 53% of the cryptocurrency market cap also priced in its low on Tuesday and has risen since.

Momentum is still with the sellers for Bitcoin Cash. While the past two days have seen rises, both the market conditions and the Bitcoin Cash’s contentious post-fork situation seem bearish. From here, it would seem that a significant move to the downside is far more likely than one to the upside. Both the RSI and MACD continue to move downward reflecting the strong selling pressure.

Bitcoin Cash Daily Chart – Source: Tradingview.com Key Takeaways: Major markets reopen trading in Bitcoin Cash this week and open drastically lower to reflect the depreciation that had taken place in markets such as Kraken that remained open. Bitcoin Cash formed its 2018 low on Tuesday and has since risen nearly 25%, from $202 to $250. This corresponds with market movements and may not be due to factors in Bitcoin Cash itself. Conditions remain extremely bearish, and a move to the downside seems far more likely than one to the upside. RSI and MACD continue to decrease reflecting strong seller momentum. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Has the Price of Bitcoin Cash [BCH] Reached a Bottom? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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Источник: blokt.com

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