Bitcoin Cash (BCH) is just another modified version of Bitcoin’s original code, which is commonly referred to as a fork. Mining has been its key advantage, and this validation process has allowed this network to grow its potential user base. Market capitalization for BCH remains under $2.2 billion helping it hold the title of 31st largest blockchain and cryptocurrency in circulation as of October 2022.
Bitcoin Cash has entered into a narrow trading zone with frequent attempts to showcase any sign of positive action. The trendline has been negative since August 2022 and despite the negativity developing, the price movement of BCH has received support from its lows. Should you buy BCH during this time? Read our Bitcoin Cash prediction to know!
BCH has developed support from $100 and without a doubt, this movement is strong with signs of buyers ready to take advantage of further dips. The technical indicators for BCH have reached an all-time low with the outlook of MACD towards delivering a positive breakout and RSI headed in a negative direction. 100 EMA has been moving away, and so has the much short moving average of 50 days.
On weekly charts, things are much more negative than visible on the daily candlestick charts of Bitcoin Cash. Support can be seen developing around $100, but the price action since retracement in July 2022 has again been born in a negative direction. Translation volumes on both daily and weekly charts have reached historic lows. The resistance level for BCH has developed around $166 with supports reaching under $95 to $100.