Bitcoin Cash has held close to $110 for three months now
The cryptocurrency’s price movement has reflected that of Bitcoin
BCH has formed multiple bottoms, suggesting a possible price reversal at $110
Bitcoin Cash& BCH/USD bulls have been sending a clear message. That they want to keep the $110 level intact. Even when the markets are under pressure, BCH has always held to the level since June.&
Well, the price dynamics of Bitcoin Cash resemble those of the parent blockchain,& Bitcoin. The latter has been the king of crypto. Thus, it is expected that Bitcoin will steal all the headlines in very bullish markets. However, investors look at Bitcoin Cash as a cheaper alternative to Bitcoin. It’s not the cheapest cryptocurrency, nonetheless, as it trades at a relatively premium $122 price. Still, the price is a penny compared to the beaten-down price of $20,200 for Bitcoin.
Turning to the price action, Bitcoin buyers have always defended $19,000. Clear multiple bottoms at the level suggest it could be the most plausible psychological bottom for the cryptocurrency. BCH has moved similarly, which we think would welcome a bullish recovery.
BCH forms multiple bottoms at $110. What does it mean?
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From the technical outlook, BCH has formed multiple bottoms at the $110 level. Multiple bottoms are not trend or price direction indicators by themselves. Instead, they show a fight for control between sellers and buyers.&
Multiple bottoms that occur after a prolonged downturn could be a significant suggestion of a trend change. In other words, it signifies that buyers are beginning to get in, which erodes the selling pressure.&
What next for BCH
The above chart shows buyers trying to control BCH at the $110 level. To a patient investor, that would be a perfect entry point before momentum kicks in.
The post Bitcoin Cash maintains choppy movement. Are buyers relentless? appeared first on CoinJournal.
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