Bitcoin Cash (BCH) reaches close to 100 EMA curves!
Bitcoin Cash is one of the most trending forks of Bitcoin that was created as an upgrade of the blockchain to cater to the new market needs. Bitcoin, in the initial days, was quite minor security and features. Since the Bitcoin blockchain was a proof of work since the beginning, the need to create new regulations and protocols posed a challenge that could only be overcome using a fork.
Since the block size of Bitcoin consistently started gaining size but the blockchain community faced clashes within itself. Such situations have often led to creating a new blockchain with a fork. BCH was thus brought into existence in 2017 with a block size of 8MB, and as of now, this block size has reached 32 MB.
The advantage of larger block sizes highlighted the capability of the blockchain to handle higher transactions per second while keeping the transaction cost under check. Contrary to Bitcoin Cash, Bitcoin had a very high fee allowing users to shift towards BCH as it offered similar security and cryptography features to Bitcoin. Now standing in the 26th spot with a $2.16 billion market capitalization, Bitcoin Cash has a very high 92% liquidity of its entire token volume.
Bitcoin Cash Price Analysis
Bitcoin Cash has managed to sustain the selling pressure of the trend creating immense upside potential for the token in coming years. The outlook for BCH remains top-notch, with a breakout from 100 EMA for the short-term duration. The resistance of previous swings remains out of bounds for the token.
Since BCH has a higher scalability potential compared to BTC, the price action has been subsequently better, with performance being superior to BTC. Despite the trend established by BTC, BCH has offered higher market returns and currently stands close to the peak of November 2022. Without a doubt, BTC has a resistance near 200 EMA at $157.
According to our BCH coin price prediction, the outlook for this token is immensely positive, with 100 EMA being placed at $120. The minor difference of 7% from the last traded value has created an optimum time to explore the uptrend possibility of Bitcoin Cash. RSI during this phase has jumped back to positive territory with a level showing 58 on daily charts, but MACD is inconclusive.
On weekly charts, the previous support level of $115 has now turned into the resistance level, which might hinder the up move expected from Bitcoin Cash. RSI for weekly charts is trending at 37, a relatively lower level expecting another uptrend breakout. Buyers should ideally take 50% profit booking if the BCH price exceeds its resistance of $158. Reaching such a level could easily take another week or two. The support level for BCH currently remains under $95, which should sustain till Bitcoin Cash reaches above $120, creating a new support level.
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