Connect with us
Active Currencies 14899
Market Cap $2,561,414,155,666.80
Bitcoin Share 51.59%
24h Market Cap Change $0.70

Bitcoin Cash to witness some bulls in the horizon after a prolonged bear run

1min Read

Share this article

Bitcoin Cash, the fork from the mother chain [BTC], seems to have fumbled along its way, but it is still holding up quite nicely when compared to its fork, Bitcoin SV. BCH is currently the fifth-largest cryptocurrency in the world with a market cap of $4 billion.

Descending Channel

The short-term prospects for Bitcoin Cash looks bullish, considering the pattern it is forming – Descending Channel. Supporting it is the MACD indicator which is slowly creeping up above the zero-line, another sign of the approaching bulls.

Source: TradingView

The EMA Ribbon for Bitcoin Cash is about to be breached. If the bullish momentum continues however, that seems less than likely, considering the prices have hit the top of the channel. Moreover, the MACD indicator has been riding the bullish crossover wave since 26 September, adding more to the already bullish scenario.

A wildly bullish breakout from this pattern would mean that the prices would complete the Bart pattern and could take the prices back up to the level before it collapsed abruptly, i.e. to the $290 – $300 levels.

Share

Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.