At the time of writing, Bitcoin Cash (BCH) is trading at around $242 after a whopping 20% increase in price since last week.
Over the past 24 hours, BCH has pumped more than 2.5%.
Since December, Bitcoin Cash has been recording a number of higher highs and is finally showing some positive momentum after a disappointing second half of 2019.
However, the price of BCH is still well below its 2019 summer high.
Will BCH start pushing higher again thanks to recent developments? And if so, what are the next levels of support to look out for?
Let’s take a look at the chart, courtesy of TradingView.
Bitcoin Cash is showing some positive signs and is now back near its April 2019 levels, as we can see above.
The cryptocurrency had been falling since late September after it lost close to 50% in value in just a few days. After a swift recovery during November, the altcoin came crashing back down well below the 20-day EMA.
Nevertheless, during December 2019, the market started to rebound. At the moment, BCH has crossed both the 20-day and 50-day EMAs – a clear bullish signal. The last time this happened, BCH ended up pumping way over 100%.
For the time being, I expect BCH to trade between its EMAs for a while and to attempt to recover towards the 200-day EMA, around $280. I underlined the importance of breaking past EMAs last week, and BCH has responded in kind.
The next big resistance levels are between $280 and $320, as the volume profile on the left of the chart shows.
In terms of volume, Bitcoin Cash is sitting at just above $2 billion – twice last week’s volume.
I recently spoke with Bitcoin Cash’s strongest advocate, Roger Ver, and discussed the most recent developments on the horizon for BCH. You can find all the details here, but the most juicy news seems to be the recent spike in adoption due to the implementation of smart contracts.
Roger, like myself, believes key components for mass adoption are speed and flexibility. What Bitcoin Cash Oracles offers is a way for any user to easily deploy an “escrow” transaction that can be used to trade globally – without the hassle of trusting the other party.
I personally think these “trade escrows” will be key in terms of adoption, especially for work-related tasks. In a way, they do enable milestone-based funding, which may be the new and better way of conducting ICOs instead of simply creating an extra layer of complexity with STOs that require KYC and accreditation – something that goes against what we should be promoting within the crypto ecosystem.
Current live BCH pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest BCH price. Pricing is also available in a range of different currency equivalents:
US Dollar – BCHtoUSD
British Pound Sterling – BCHtoGBP
Japanese Yen – BCHtoJPY
Euro – BCHtoEUR
Australian Dollar – BCHtoAUD
Russian Rouble – BCHtoRUB
Bitcoin – BCHtoBTC
About Bitcoin Cash
Bitcoin Cash was born out of the idea of making Bitcoin more practical for small, day-to-day payments. In May 2017, Bitcoin payments took about four days unless a fee was paid, which was proportionately too large for small transactions. A change to the code was implemented and Bitcoin Cash was born on 1st August 2017.