E Bitcoin Cash Daily Analysis

The Bitcoin Cash market has been moving along in the general lines as of the rest of the crypto market over the last few days. After crashing below the $1000 region as the rest of the crypto markets crashed all around it, prices have since recovered and now trade in the $1250 region as of this writing.

BCH Likely to Move Lower

The Bitcoin Cash (BCH) market has been generally on the weaker side over the last few weeks and after having enjoyed a great time above the $2000 region a few weeks back, the bulls seem to be struggling to make any kind of dent on the prices which have since been moving lower and lower. Even now, on the technical side, we can clearly see a head and shoulders formation on the daily charts with the right shoulder coming in at the $1750 region and a break of the right shoulder coming in at the $1250 region.

With the prices hovering around this $1250 region as of this writing, we believe that it would take quite an effort from the bulls to push the prices through this region and push it beyond the $1500 region.

With this in mind, we believe that the prices would continue to consolidate and range in the current price region with the bears continuing to be in control and hence the danger is to more downside for BCH in the coming days with the $1000 and the $800 regions coming into view.Fundamentally also, there does not seem to be too much demand coming in for BCH over the last few weeks and hence it continues to remain on shaky ground both fundamentally and technically as well.

For those who are interested in entering the markets, it would be well advised not to go long on the BCH prices at this point of time and wait for a clear and final break through the current price region before the prices head for the $1500 region in the short term. Till we achieve a break, we believe that the prices would continue to be under pressure in the short term.

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Currency Trader 2 years ago Member's comment

Do you think #bitcoin will ever get back to the $19,000 price range it used to enjoy?