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Bitcoin Cash (BCH) Price Analysis—Analyzing Chances of Conquering the $230 Mark

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The cryptocurrency market is turning slightly red as some coins from the top 10 list are in the red zone. Binance Coin (BNB) is the top loser, having dropped by 1.25% over the last day.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Despite the decline of some coins, total cryptocurrency capitalization has increased by around $4 bln and is currently at $276 bln.

Total market capitalization
Total market capitalization

Take a look at the key statistics for Bitcoin Cash:

  • Name: Bitcoin Cash

  • Ticker: BCH

  • Market Cap: $4,220,977,317

  • Price: $228.55

  • Volume (24h): $1,126,815,432

  • Change (24h): -0.09%

The data is current at press time.

BCH/USD: Can Bitcoin's fork show growth shortly?

The Bitcoin Cash (BCH) rate is almost unchanged over the past week. The price change has made up +0.03% while the altcoin has gained 0.17% since yesterday.

BCH/USD chart by TradingView
BCH/USD chart by TradingView

On the hourly chart, Bitcoin Cash (BCH) has bounced off the support of $228. The current short-term rise is supported by a trading volume increase, which means growth may continue. Moreover, liquidity is also high at levels above $230. If the situation does not change, the altcoin may achieve $229.85 in the next few days.

BCH/USD chart by TradingView
BCH/USD chart by TradingView

On the 4H time frame, further growth is unlikely to continue as the buying volume is constantly declining. Applying Fibonacci retracement to the chart, the price decrease is possible to 61.8%, which corresponds to the $222.91 mark. In addition, the most liquidity is in that zone.

BCH/USD chart by TradingView
BCH/USD chart by TradingView

In the longer term, the bearish mood is becoming stronger as there is a buyer's impulse based on trading volume. Although Bitcoin Cash (BCH) is showing a slight correction, it is unlikely to break the falling channel. If the altcoin makes a false breakout at the $230 mark, a further drop may continue to the area around $204.93.

Bitcoin Cash is trading at $229.18 at press time.

 
Cover image via www.tradingview.com

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com