Fundamentally, Bitcoin Cash seems to be one of the main hedge instruments to Bitcoin price volatility and uncertainty. I am not inclined to quote well-known statements about the support that may be provided to Bitcoin cash by various crypto-companies, yet it is obvious, even to the project's opponents, that BCH has been gathering momentum at a fairly quick pace.
Furthermore, Bitcoin network difficulty may be elevated in the next periods against current levels (at the time of writing there were 1,545 blocks left, according to fork.lol/pow/retarget, and this, as we reckon, will translate into a higher number of unconfirmed transactions and increased fees, which are already relatively high.
From the technical point of view, the price bounced from the support range of U$1100-1200 up to the resistance level. Also, should the price continue its upward trend and raise above the resistance with further consolidation, we may as well see BCH going to the area of U$2280-2400.
One should also keep in mind the fact that one more price decrease to the support range is still a possibility.
Furthermore, Bitcoin network difficulty may be elevated in the next periods against current levels (at the time of writing there were 1,545 blocks left, according to fork.lol/pow/retarget, and this, as we reckon, will translate into a higher number of unconfirmed transactions and increased fees, which are already relatively high.
From the technical point of view, the price bounced from the support range of U$1100-1200 up to the resistance level. Also, should the price continue its upward trend and raise above the resistance with further consolidation, we may as well see BCH going to the area of U$2280-2400.
One should also keep in mind the fact that one more price decrease to the support range is still a possibility.
Trade active:
Looks like the price has successfully bounced from the support area
Trade closed: target reached