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Bitcoin Cash (BCH) Price Analysis for September 28

Can Bitcoin Cash (BCH) keep growing faster than the top coins?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. 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.

Bulls have turned out to be more powerful than bears as most of the Top 10 coins are located in the green zone. Mainly, Cardano (ADA) is the top gainer among them, rising by almost 11% since yesterday.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Respectively, the total market capitalization has risen by $10 bln and is now at $348 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Bitcoin Cash is looking the following way:

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  • Name: Bitcoin Cash

  • Ticker: BTC

  • Market Cap: $4,256,048,820

  • Price: $229.69

  • Volume (24h): $1,688,249,106

  • Change (24h): 4.73%

The data is relevant at press time.

BCH/USD: Can a retest of $250 occur before a decline starts?

Bitcoin Cash (BCH) has shown much better performance than the Top 3 coins. Mainly, the altcoin has gained $10 to its overall rate over the previous week.

BCH/USD chart by TradingView

Bitcoin Cash (BCH) is slowly going up after it has retested the support at $217. On the hourly time frame, ongoing growth is accompanied by a rising trading volume. However, the Bitcoin fork is unlikely to set new local peaks as the liquidity is low and the current rise may be considered a fake one. To sum up, the endpoint of the price increase may be the resistance of $237.54, which might be attained shortly.

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

On the daily chart, short-term growth is also the more probable scenario; however, the mark of $241 may be the last one before a decline starts. Such a statement is supported by the relatively low trading volume, which is not going up while the price of the altcoin is increasing. That is why traders may see a false breakout, followed by a drop to $203.

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

On the weekly time frame, the long-term bullish scenario remains relevant as Bitcoin Cash (BCH) has kept trading above the crucial $200 mark. At the moment, the altcoin is located above the basic line of the Bollinger Bands indicator, which means a high probability of seeing it at the resistance of $258.44 by mid-November 2020, as trading volume and liquidity remain at the same level.

Bitcoin Cash is trading at $230.75 at press time.

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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