3 min read 

The highly successful fork of Bitcoin has done pretty well on the exchanges this week until recently. It has maintained its position as the 4th largest coin and is currently holding a market cap of above $42.5. The trading volume of the coin is also good as in the past 24 hours, $2.5 billion in the trading volume was recorded.

Key Highlights

  • Because of the recent market news from South Korea, the crypto market is on rumble, and this also reflects on the BCH prices
  • The coin has a massive support at $2310, which checked the recent dip
  • Against BTC, BCH gained 28 percent over the week and currently trading at 0.185 BTC

Bitcoin Cash Market Cap

Technical Analysis

At the start of the week, the coin had a great support at $2327, which also boosted the price to go up beyond $2760. But the resistance resulted in a pullback and the coin dropped below $2250. Then $2310 level acted as a strong support but a resistance also formed at $2450.

BCH graph

In the last 24 hours, with a steep upward pace, the coin breached the resistance at $2450 to reach $2960. But then it dived and it is currently trading at $2454.

Because of the week jump and pullback, both the 100 and 200 SMA are running hand in hand. But 100 SMA went above the other recently. After the dip, the price is now approaching 61.8 percent Fibonacci level.

Bitcoin Cash indicators

The oscillators have also maintained a downward dip along with the prices, but recently they are signaling a recovery. RSI is at 45 percent and is moving upward, while Stoch is approaching the overselling mark with a little indication of a U-turn.

Market Update

In the recent hours, the crypto market took a huge blow as the South Korean authorities raided the crypto exchanges within the countries borders. The authorities also announced that the tentative planning of a bill that would ban the trading of cryptocurrency through exchanges. If it goes through, the will be the biggest pullback after the Chinese ban.

Trade on BCH/USD now

NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future

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