Bitcoin Cash Price Analysis: BCH/USD Remains Sell on Rallies

Cornelia Mascio
Agosto 10, 2018

This Bitcoin-centric bull sentiment has become a common sight in the eyes of investors, with industry leaders like Galaxy Digital's Mike Novogratz and Peter Smith of Blockchain both indicating that they see Bitcoin outperforming the market in the near future.

He also gave an example of the Ripple's XRP advantages when it comes to transactions.

The Bitcoin marketplace is evaluating various high quality trading options and opportunities in all around the world and you can also have such benefits very nicely.

Bitcoin price fell sharply and it is now trading above the key support at $6,000.

Despite bitcoin 's tumble over the past two weeks, Wall Street bull Tom Lee says the cryptocurrency is gradually regaining market share - which should comfort bitcoin buffs. All top ten altcoins are now in the red with MIOTA, EOS, and XRP leading the way in 24-hour price percentage declines. More importantly, there is a new contracting triangle forming with resistance near $608 on the hourly chart of the BCH/USD pair.

The value of a single Bitcoin nosedived to $6,890 on Bitfinex yesterday (Sunday), which is its lowest price since July 17, before recovering somewhat to end the day (as per UTC) at $7,025. Bitcoin buyers managed to push the price above the $6,500 level and the 23.6% Fib retracement level of the last decline from the $7,167 high to $6,139 low. For instance, BTC/USD spot prices have dipped three times to the $5,600-5,800 region but have not dropped less than that yet. Ether sellers took control and pushed the price below the $370 and $360 levels.

"Bitcoin isn't broken if it's holding at these levels". The next major support below the recent low of $565 is at $550.

Oddly enough, Lee made no mention of his controversial $25,000 price prediction during this Fast Money episode, so it remains to be seen if this prediction is still on his radar. Now there is a slight fear that XRP may take a while to push through to $0.360, yet there is little worry of XRP slipping down to lower prices.

OmiseGO (OMG) traded 3.1% higher against the dollar and now trades at $5.47 or 0.00077135 BTC. On the downside, a break below $0.3198 may well clear the path for more losses towards the $0.3000 and $0.2800 support levels.

At the beginning of August, BTC's price was close to $7,770.

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