Bitcoin cash has struggled to establish a trend for the past three weeks and has traded sideways since May 12. In today’s trading session, Bitcoin cash struggle continues with the prices falling by 5 per cent. The prices are also looking highly likely to continue dropping throughout the session. However, due to the current sideways market trend, it is unlikely that today’s aggressive bearish trend will make it to tomorrow. That is why I expect the long-term trend of Bitcoin cash to be bullish.
Since its launch in 2017, Bitcoin Cash (BCH) Has consistently delivered a cheaper and faster way of processing payments. The crypto has also gained traction with people who had come accustomed to slow and expensive Bitcoin transaction costs, pushing it to become part of the 30 largest cryptocurrencies by market value today.
However, the past few weeks have seen BCH struggle in the markets, partly due to the changing market factors affecting the cryptocurrency industry. The recent BCH price drop has also been caused by the recent bear market in the cryptocurrency industry.
In June, BCH’s price is already down by 14 per cent, extending the long-term streak of losing months. BCH is also down by 60 per cent in 2022. Despite being in a sideways market, it is also possible to see a further drop to the downside before the sideways market trend is over.
Bitcoin Cash is again challenging its May 27 low of $170.83, and a break to this level could send the price to the next support level, the March 2020 low of $131.94. However, as long as the support area around the May 27 low holds, the InvestingCube S&R indicator thinks the price could bounce in the $157.70 to $183 interval. If the price indeed turns higher in the aforementioned range, BCHUSD could reach $246 in the weeks ahead. See this table for more technical levels.
This post was last modified on Jun 07, 2022, 14:39 BST 14:39