Bitcoin Cash lower than ever before!
August 22, 2018 2:01 pm,
As of today, the Bitcoin Cash has declined to its lowest value since April 2018. The BCH which is the hard fork of Bitcoin has plunged to a value of $978.27. It has fallen more than 17% in the last 24 hours alone and more than 24% in the last 2 days. The BCH seems to still be in the descending channel to test the bottom of this channel and then return to its all-time high. Since the beginning of a correction, it has been on this descending channel. However, the price has found support at the long-term trend line and is now likely to break out of the drop in the weeks to come.
Currently, RSI for BCH has been trading in a triangle since the beginning of the correction. The entire extent of the movement inside the triangle has been reached and is going to break out by September. Seeing the correction BCH has had the likeliness is that it will reach the upper side very soon since it had an overlook of the entire market. Though it is likely to take some more time RSI indicates there is a definite increase in BCH soon. It is going to be in favor of the bears as BCH is below 21 EMA. Also, the volume is so low that a big market player can easily trigger a long-term bear market.
The main player in BCH is BitMain, a company that owns more than 6% of BCH. Investors of BCH would have to keep an eye on BitMain since it may have an effect on BCH.
BitCoin Cash ongoing struggle
Though the BCH has upgraded its Blockchain technology it is still to prove its stability in its framework and transactions. Many investors feel it lacks the clarity and can never replace Bitcoin and putting forward their concerns related to BCH. It also leads to doubts about the authenticity of Bitcoin Cash. It is also called a dangerous game.
Broader market movements
While some feel BCH is not safe, others see that BCH is not the only cryptocurrency to drop and the entire digital market seems to have a pullback.