At the time of writing, Bitcoin Cash (BCH) is trading at around $243.
Last month, the popular altcoin was showing signs that it would drop further following huge losses at the end of September. BCH instead rebounded spectacularly towards the end of October in response to Bitcoin’s positive momentum.
However, just yesterday, the crypto market tumbled again.
BCH has now lost almost 19% in value since last week and is down about 8% over the last 24 hours.
Will BCH continue to push lower? And if so, what are the next levels of support to look out for?
Let’s take a look at the chart for Bitcoin Cash.
As you can see from the chart above, the price of BCH recovered during early September before crashing around 45% in the second half of the month.
The gains of mid-September were lost and the price came crawling back down to below $230 in October as the huge market-wide meltdown hit the coin hard. At its lowest point over the past month, BCH touched $200 before recovering almost immediately.
BCH then spiked from around $200 to $300 in the space of a few days, representing a 50% jump.
Last week, I claimed it was probable that BCH would start seeing some positive momentum as the price was recording higher lows. However, it turns out I was wrong on this one.
The market has instead been tumbling since yesterday after BTC dropped over 5% in the space of a few hours.
Bitcoin Cash is now trading below all its EMAs. The next support level is found near $225, with a steep drop to $170 below that.
For the time being, I expect BCH to trade below its EMAs for a while and to attempt to recover towards the 200-day EMA – even though the market is showing no signs of a recovery just yet.
Right now, volume sits at just above $2 billion – around half of what it was last week.
I recently spoke with Bitcoin Cash’s strongest advocate, Roger Ver, and discussed the most recent developments on the horizon for BCH. You can find all the details here, but the most juicy news seems to be the recent spike in adoption due to the implementation of smart contracts.
Roger, like myself, believes key components for mass adoption are speed and flexibility. What Bitcoin Cash Oracles offers is a way for any user to easily deploy an “escrow” transaction that can be used to trade globally – without the hassle of trusting the other party.
I personally think these “trade escrows” will be key in terms of adoption, especially for work-related tasks. In a way, they do enable milestone-based funding, which may be the new and better way of conducting ICOs instead of simply creating an extra layer of complexity with STOs that require KYC and accreditation – something that goes against what we should be promoting within the crypto ecosystem.
Current live BCH pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest BCH price. Pricing is also available in a range of different currency equivalents:
US Dollar – BCHtoUSD
British Pound Sterling – BCHtoGBP
Japanese Yen – BCHtoJPY
Euro – BCHtoEUR
Australian Dollar – BCHtoAUD
Russian Rouble – BCHtoRUB
Bitcoin – BCHtoBTC
About Bitcoin Cash
Bitcoin Cash was born out of the idea of making Bitcoin more practical for small, day-to-day payments. In May 2017, Bitcoin payments took about four days unless a fee was paid, which was proportionately too large for small transactions. A change to the code was implemented and Bitcoin Cash was born on 1st August 2017.
More Bitcoin Cash news and information
If you want to find out more information about Bitcoin Cash or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started:
By Oliver Knight – November 19, 2019
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
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