Ken Chigbo
Independent Analyst
- Bitcoin Cash price down over 2% on Wednesday, falling out from rising channel pattern.
- Roger Ver comments on the back of Elon Musk recent tweets on Bitcoin, saying “I know Musk is into cryptocurrencies and I hope he knows that Bitcoin Cash is the real Bitcoin.”
The Bitcoin Cash price was seen down over 2% well into the session on Wednesday. Resuming the selling pressure that was started on Monday, before catching a relief bounce on Tuesday. The price is set to test the key psychological $400 mark to the downside.
Following the sharp move lower on Monday, where the price had dropped around 6.5% in the session. Since, BCH/USD has been in consolidation mode, sideways trading. This recent price behavior has formed a rising channel formation, which has been breached.
In terms of news flow, a large advocate of Bitcoin Cash, Roger Ver, was recently discussing companies that have adopted Bitcoin Cash. He noted that Key Motors, a car dealership in Australia, is now accepting Bitcoin Cash payments. Elsewhere, he commented on the back of Elon Musk sharing his view recently on Bitcoin via Twitter, and Roger Ver said, “I know Musk is into cryptocurrencies and I hope he knows that Bitcoin Cash is the real Bitcoin.”
Technically, given the price formation of BCH/USD via the 60-miunte chart view, it does demonstrate further vulnerabilities to the downside. Next area of demand is seen at $408 area, 17th - 19th September low area.
BCH/USD 60-minute chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?