Technical Analysis of Bitcoin Cash

Bitcoin Cash is one of the best performers on the cryptocurrency market in the last several weeks, in less than 30 days the price of Bitcoin Cash has advanced from $125 above $350. The beginning of April has been very positive for the cryptocurrency market so far, the price of Bitcoin is above $5000 and this is certainly a positive thing for all other cryptos. In an effort to improve the efficiency of transactions, Bitcoin Cash broke off from the original bitcoin network on 1 August 2017. 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. When we look at the 1-year chart we can see that Bitcoin Cash is moving in “downtrend” and as long Bitcoin Cash is below $1 000 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $200 and $350 – If the Bitcoin Cash jumps above $400 that would be a “BUY” signal and the open way to $450 and $500. 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 $200 that will be a signal “SELL” signal and the next target could be around $150.

Advice: The beginning of April has been very positive for the cryptocurrency market and the price of Bitcoin Cash currently stands around $300. 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. As for the technical picture, the Bitcoin Cash still remains in bearish phase but if the price advances above $400, short-term traders can enter the position with the stop loss at $380 and take profit at $470 or even $500.

 

About Stanko 62 Articles
I am a professional forex, cryptocurrency and stock trader looking for more opportunities to penetrate the field. Writing, research, analysis, are all things I enjoy doing aside from the core trading practice as they provide a deeper perspective of market activity. I am well versed in technical analysis as well as sentiment behavior. I have 10 years experience in stock and currency markets ( analysis and trading), I am also an experienced cryptocurrency analyst. I have been writing business, finance, stock articles for over five years. My biggest strength is in technical analysis

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