Technical Analysis of Bitcoin Cash

The beginning of May has been very positive for the cryptocurrency market so far, the price of Bitcoin is very close to $8 000 and this is certainly a positive thing for all other cryptos. Bitcoin Cash is one of the best performers on the cryptocurrency market in the last several days, in less than five days the price of Bitcoin Cash has advanced from $270 above $400 and the current price stands around $394. 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. 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. 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 $350 and $450 – If the Bitcoin Cash jumps above $500 that would be a “BUY” signal and the open way to $550 and $600. 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 $350 that will be a “SELL” signal and the next target could be around $300.

Advice: Bitcoin Cash aims to take Bitcoin in a new direction geared towards faster transaction speeds and lower fees. 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 still remains in bearish phase but if the price advances above $500, short-term traders can enter the position with the stop loss at $480 and take profit at $570 or even $600.
 

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