Bitcoin Cash (BCH) has not been able to break its all-time high of $4,355 established three years ago. BCH coin was, however, able to validate a 52-week high at $1,208. The cryptocurrency has grown by 200% in the yearly timeframe. At the time of press, Bitcoin Cash is trading hands at $881 apiece. The price of BCH crypto is down by 0.80% while the trading volume has declined by 30% in the previous twenty-four hours.
Bitcoin Cash (BCH) Technical Analysis
The market sentiment for the BCH crypto continues to be majorly bullish despite the downtrend. Out of the 26 technical indicators, twelve are giving out a signal of buy while ten stand at a neutral position and only four indications are bearish. The oscillators are bearish while the moving averages are strongly bullish.
Trader Vince Prince has identified Bitcoin Cash in an upward trajectory in his Bitcoin Cash price analysis. Per the trader, BCH coin is operating inside in an ascending channel formation. Prince has also regarded Bitcoin Cash as one of the most volatile cryptocurrencies in the market with strong impulsive moves and deep pullbacks. The volatility of the coin has also resulted in it completing various coherent wave counts. Furthermore, the trader has identified an ascending trendline which is acting as a strong support level for BCH crypto. Per the trader, it is essential for the cryptocurrency to hold the trendline in order to continue it upward trajectory. A confirmed breakout from the ascending channel formation would validate the bullish momentum of BCH coin.
Recent Developments you should know
United American Corp (UAC) had filed an antitrust lawsuit against major BCH figures alleging them to have hijacked the Bitcoin Cash network; however, the court dismissed the allegations as “incomplete and conclusory”
The BCH community is urging Tesla to incorporate BCH as a mode of payment. A Youtuber has “officially” committed to buy 111 Tesla Model 3s provided that Tesla accept Bitcoin Cash. The 111 Tesla cars would have a valuation of $4.2 million.
Venmo, the financial app owned by PayPal, has launched investing services for Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Venmo’s 70 million users can now trade and share the four cryptocurrencies.