Tanya Abrosimova
Independent Analyst
- BCH settles below critical $1,400 threshold.
- BCH outperforms BTC despite experts opinion.
Bitcoin Cash, the fourth-biggest cryptocurrency by market value, recovered from early Asian losses to trade at $1,310 with a positive bias. The coin gained about 100% in the past week on a combination of speculative and fundamental factors, including upcoming fork and reduced supply due to Antpool burning BCH.
While the hype that took BCH/USD to $1,576, the highest level since January 30, subsided, the coin is still strong as compared to Bitcoin and other altcoins. BCH/BTC exchange rate has gained over 35% during the week. It touched 0.17 for the first time since mid-January.
Bitcoin Cash is overvalued, while BItcoin offers better price-to-value ration, Fundstrat's CEO Tom Lee said in the interview with "Fast Money" on CNBC, though the experts' opinion did little to discourage BCH bulls. The short-term upside is capped by $1,400 with 23.6% Fibo marginally above that level. Once t is broken, the coil will get a chance to extend the bullish urn towards Tuesday's high at 1,576. On the downside, the support is created by $1,250 and $1,170 (200-SMA, hourly chart).but once it is broken, the downside pressure will increase, taking the price towards $1,000.
Bitcoin Cash, the hourly chart
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