Technical Analysis of Bitcoin Cash

December 2018 could be the worst-ever month for Bitcoin Cash and for the cryptocurrency market as a whole. The cryptocurrency market has shed around 50% of market capitalization in the last several weeks and for now, there is no important reason to change this negative trend. In only 30 days the price of this cryptocurrency has weakened from $420 below $80 which represents one of the biggest falls on the cryptocurrency market. This is a highly speculative cryptocurrency and still very risky, according to some estimates Bitcoin Cash will not be able to replace Bitcoin and many skeptics believe it may not survive in the long-term. When we look at the 1-year chart we can see that Bitcoin Cash is moving in “downtrend”. As long Bitcoin Cash is below $1 000 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $70 and $100 – If the Bitcoin Cash jumps above $200 that would be a “BUY” signal and the open way to $250 and $300. If the Bitcoin Cash jumps above  $1 000 that could be a strong signal of the trend reversal and the open way to $1 500. On the other side, if the BTH falls below $70 that will be a signal “SELL” signal and the next target could be around $60 or even $50.

Advice: Bitcoin Cash aims to take Bitcoin in a new direction geared towards faster transaction speeds and lower fees. The price of Bitcoin Cash was above $2 900 in January 2018, the current price is around $78 but it is true that the price could fall even more. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. As for the technical picture, the Bitcoin Cash remains in bearish phase but if the price advances above $200, short-term traders can enter the position with the stop loss at $185 and take profit at $250 or even $300.
 

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