Bitcoin Cash [BCH] Underperforms During Market Recovery

european binary trading

The cryptocurrency markets are experiencing a significant recovery today after a bout of extremely bearish market conditions. Whether the recovery can continue is questionable but today’s momentum is strongly on the side of buyers.

Bitcoin Cash has increased around 10% over the past 24 hours but has been underperforming when compared to most other major large-cap cryptocurrencies. The controversial hard fork of the cryptocurrency which spawned Bitcoin Cash SV is likely to be after taking away key resources from the Bitcoin Cash. This might be reflecting in today’s underperformance.

Bitcoin Cash is also approaching the key $200 level, and traders may be anticipating resistance and selling early. The price currently trades around $190. Momentum is slightly starting to shift towards the buyers with the daily RSI starting to increase. The MACD is also starting to flatten out and may increase from here. An increase in the MACD would likely result in it crossing its signal line to the upside, a bullish signal.

Whether Bitcoin Cash can continue its increase in price likely depends on the rest of the market. The underperformance in relation to major peers indicates that the price is mostly increasing due to following market movements.

$200 will be a key level to monitor if the increase continues. The 2018 low is around $150, and this would be the key point to monitor if market conditions return to bearish.

Bitcoin Cash Daily Chart – Source: Tradingview.com

Key Takeaways:

  • Bitcoin Cash increases 10% over the past 24 hours but underperforms in relation to major large-cap cryptocurrencies.
  • Momentum is starting to shift towards the buyers with the RSI increasing and the MACD flattening out.
  • Bitcoin Cash is likely increasing from following the market. Traders may be anticipating resistance at the $200 level and selling early.
  • $200 is a key resistance level to monitor, and $150 is a key level to monitor in the event of a return to bearish market conditions.

Bitcoin Cash [BCH] Underperforms During Market Recovery was originally found on [blokt] – Blockchain, Bitcoin & copy trading cryptocurrency.