Since we like to take a virtual currency and discuss its fluctuations or maybe even stagnation, we’ll take today last week’s progress of Bitcoin Cash (BCH).
Bitcoin Cash came following the cryptocurrencies split due to Bitcoin scalability debate. Bitcoin Cash or BCH represents a chain coming out of the split of virtual coins with the block size limit to 8 Megabytes so that the number of transactions is increased. The increasing bitcoin block size limit from one Megabyte to eight, is classified as hard fork. It was first forked on 1 August 2017. Its current market cap stands at $ 51 billion, placing it in Top 3 according to CoinMarketCap.
Bitcoin Cash has positioned confortably on 3rd place with values surrounding $1,700. The coin will presumably pass $1,900 and maybe even $2,000.
The key moments of Bitcoin Cash are the optimistic period of it, surpassing the level of $1,500. On the BCH – USD graph, there can be noticed a $1,750 solid support. The cryptocurrency can be traded on short-term at values between $1,800 and $1,900.
The virtual coin is having a positive wave after the depreciation to $1,300. The price of it has managed to surpass the resistance levels placed at $1,500 and $1,700. The increase was sharp and the trades were at over $1,950. The maximum price recorded was $1,997.
Moreover, there are many support levels on the lower part, placed between $1,700 and $1,750. Additional to this, on the BCH – USD graph, the pivot zone from $1,675 could act as solid support on short-term.
In conclusion, the traders who want to sell, won’t be able to push the price easily under $1,700.
On superior level, the recent maximum was $1,997 which is a resistance point on short-term. The BCH – USD can surpass this value and trade at the price of over $2,000.