Bitcoin Cash (BCH), the instantaneous low-cost fork of Bitcoin has gained 24% in value over the weekend and 6% on the daily index.- While Bitcoin has been unable to break past the $4100, the alternative Hard Fork seems to be gaining traction. The 24-hour trading volume on BCH also exceeded 500 million dollars in the past day.- The price has risen from $150 to a high of $165 in the daily time-frame.

The total market capitalization of the cryptocurrency market, however, fell below the $140 billion mark again as FUD around ETF approval and wide-scale adoption remains.

Bitcoin Cash (BCH) which is a Hard-Fork of Bitcoin boasts of its technical prowess by increasing the block size. While the advocates of BCH has been criticized- on its additional utility, Bitcoin Cash (BCH) is almost as abundantly distributed as Bitcoin, and it is a faster and cheaper alternative to Bitcoin (BTC) too.

Price Analysis of Bitcoin Cash (BCH)

Leading Chart Analysis, Peter Brandt recently suggested that BCH might be forming a resistance near the $148 level as it looks for a breakout. The price has broken from the resistance and gained 24%, hence the bullish momentum of BCH might continue till it reaches the next resistance near $420 level.

The price of BCH on 16th December 2018 was $78, which was down almost 98% from it’s All-Time High (ATH).- Hence, if fundamentals continue to support, there is a lot of upside to the coin that might be revisited.

The 100-Day Moving Average is close to the 50-Day Moving suggesting a revival of the bullish sentiments in Bitcoin Cash (BCH). However, the RSI index has entered the over-bought region.


Nevertheless, if the cryptocurrency markets take a bearish turn again as apprehended by a couple of experts, it might affect the price of Bitcoin Cash (BCH) as well.

The post Bitcoin Cash [BCH] Gains 24% Over The Weekend; Bottom on BCH Called By Leading Analyst appeared first on Coingape.

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