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Bitcoin Cash seems to be struggling at the moment. It is trading around the $385 area and cannot seem to stay above $400 where it has met with 'resistance'. 

Now it may be that Bitcoin Cash on this occasion will react later on but it seems to behind the other alt coins as only up 2%.

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Here goes Bitcoin Cash. It has decided to join Litecoin upwards. It is now up over 7% in a matter of minutes of my post above. 

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Bitcoin Cash since my last post went above $400 but it just cannot stay above it for any length of time.It seems to be struggling to break that support level. 

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Bitcoin Cash may try and go for the $450 mark again but it really needs to stay above $400 which it has still be struggling to maintain for a few days. 

The low today was $399.90 so it will be interesting to see if that is the last time for the foreseeable future that it touches a price intraday below $400.00. 

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Bitcoin Cash is up nearly 4% and is performing around 1% higher than Bitcoin at the moment. It is around the $424 area. Bitcoin Cash is another Cryptocurrency which seems to have another leg upwards in the locker if it can be unlocked.

 

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Posted (edited)

Bitcoin Cash is still above the $400 which is encouraging. 

Bitcoin Cash's price is above its 20, 50, 100 and 200 DMA. Its 20, 50 and 100 DMA curves are sloping upwards which is bullish. It seems its 200 DMA curve is beginning to show a sideways position which is slowly reducing the risk of a big downside move though it can still happen of course. The 200 DMA curve sloping upwards would be a bullish long term trend indicator.

Edited by TrendFollower

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Bitcoin Cash is one the potential benefactors of a general improvement in market sentiment for the Cryptocurrency asset class. It is one of the better performers along with Litecoin since the start of the year. 

 

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Bitcoin Cash has just hit $428 and is up over 5.56%. It is in a strong bullish phase and there is huge profit potential not just in Bitcoin but Bitcoin Cash, Litecoin et al.

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Bitcoin Cash hit $448.10 overnight. It is 5:00 am UK time and it is already up 3% and is the best performer along with Litecoin. 

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Bitcoin Cash is in 2nd place this morning in terms of gains behind Litecoin but ahead of Bitcoin. It is up over 3% and it is only 8:00 am!

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If memory serves me correct then the three areas in the world where Bitcoin Cash is adopted the most were (this may have changed):

  • Slovenia
  • North Queensland
  • Japan

The above three countries have the most Bitcoin Cash merchants.

In South America, Venezuela, is by far the country which is the biggest Bitcoin Cash adopter. London has around 21 companies which accepts Bitcoin Cash. This is all very small but it is a start and it will take many years for this to even have a chance of increasing to significant levels. 

The infrastructure will take several years to build. The journey is at the beginning stage. The one thing that Bitcoin Cash has is a strong community of early Bitcoin supporters, whether this will help going forwards is debatable.

Right now price action is king. One must trade the price action and not worry about what may happen tomorrow, next week or next month. Stop losses will exit the trader or the trader can manually exit at any point when say the trend reverses. Sometimes traders can talk themselves out of a hugely profitable trade by overkill analysis and unnecessary complex technical analysis. 

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I remember the times when Bitcoin Cash hit $4000. It is around the $440 area at the times of this post. The momentum is strong, the trend is strong, a bullish scenario is being painted via the price action narrative. I would be astounded if Bitcoin Cash did not surpass $500 - $600 by the end of the year. I mean it could easily double from here to $800 by the end of the year if this same level of strength and momentum continues.

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Bitcoin Cash trading at $449 at the time of this post. Sunday morning UK time and all the cryptos are in (blue) and positive territory. 

Asia seem to love Crypto and in particular Japan who seem to appreciate Bitcoin Cash more than other Asian countries. 

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I want to see if Bitcoin Cash holds at around $380 price point. There may support there. Otherwise it could go down to around the $360 level. When you look at the Pivot Points on the 'daily' then $370 is the price point to watch. 

If Bitcoin Cash can hold above $380 then that will be a very bullish indicator. It could allow new traders to enter the trade on the 'Long' side and also existing traders to add to their positions. Anything around the $360 to $370 would be a very attractive price point to add to your position or enter the trade. I do not think the current consolidation / correction will be deep. I think the next six months is going to see some explosive price action on the upside for all the main Cryptocurrencies and Bitcoin Cash will benefit from the general momentum. 

The above are only my personal thoughts. I am not suggesting I am right. Everyone should conduct their own analysis and make their own decisions. I am merely sharing my views at this point in time on Bitcoin Cash. 

 

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Well just four hours later and Bitcoin Cash has not been able to hold the $380 price level.

I think now around $360 is a serious price target which could be hit. 

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Bitcoin Cash seems to be range bound in a $375 - $395 price area. It is currently trading at the $392 area so any breakout above $395 could signal the next move upwards. It has normally followed Litecoin or move at similar times to Litecoin but on this occasion it has joined the rest of the Alt Coins available on IG's platform. 

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It is amazing what a mere 24 hours can do. Bitcoin Cash has broken out of the range of $375 - $395 and is currently trading at around $399 though did hit $405.30 overnight.

There is the potential for a quick and short burst upwards before continuation of the downward trend which started from its recent new high of above $450. 

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Bitcoin Cash seems to have popped and is leading the race (blue day) today.

It is up 7.5% at the time of writing this post and the price has hit $423.90. Whether this move has legs all the way up to $450 time will tell but it could go towards $430 level then it may find it difficult to pierce through $440 and $450. If it does then there could be a monster move coming with its dear friend Litecoin leading the way and taking other alt coins with it prior to its August halving event. 

 

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Bitcoin Cash was a whisker away from $500.00. Yes that is right $500.00!

It hit $499.50. From April 2019 onwards so no more than three months really the returns on Bitcoin Cash have been nothing short of magnificent. Now if you add leverage into this then they have been nothing short of sensational. Words like magnificent and sensational are big descriptions but no other asset has delivered returns such as these in the same time period. 

I think once $500 is cleared then it is not unreasonable the Bitcoin Cash could attempt the $1000 level. Now add leverage and one can begin to see the potential gains available.

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I think Bitcoin Cash is just pausing for breath before it attempts $500 again and breaks through.

I still remember where Bitcoin Cash was at Christmas time and where it is now.

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Looking at the 'daily' it seems that Bitcoin Cash is consolidating. I think a lot of 'alt coins' will face some capital exodus as that capital shifts into primarily Bitcoin (run up to $20k). However, I still do think there will be a place for the likes of Ether, Litecoin and Bitcoin Cash. The stronger and more establish 'alt coins' should be fine but the smaller and weaker coins may find capital bleeding out. 

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Bitcoin Cash seems to be taking the same price behaviour as Litecoin. There is a clear disconnect with Bitcoin's recent price behaviour. 

Now either Bitcoin Cash has lost momentum and there is going to be a trend reversal to the downside or it is taking a breather before the next breakout to the upside. This tight rangebound activity would seem to suggest that even the 'buyers and sellers' are not sure of its future direction. 

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The problem with Bitcoin Cash is that it is going to face some strong price hurdles around the $600 area if it manages to get there.

We saw Bitcoin Cash touch $499 and was a whisker away from $500 recently. It may even have exceeded $500 on some exchanges. 

Positive news flow for Bitcoin Cash is going to be crucial to support any upward price action. 

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Big drop in cryptos and those with tight stop losses will get stopped out. 

The question is whether this is a move to flush out stop losses for the big boys to get in at lower prices before the next bullish move or whether we are seeing the start of a trend reversal.

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Well Bitcoin Cash was unable to defend the important $400 level. This could mean some short term pain for Bitcoin Cash before any upward resuming of the trend. 

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Bitcoin Cash was not unable to defend the $400 level and dropped down as low as the $250's. It is currently back at $300 in what seems like a 'short covering' rally but if it can stay above $300 and consolidate then it can decide upon its next move (likely to be in line with general large cap Crypto's) in terms of what direction to move in next. 

I think Bitcoin is the one to watch and what we may see is a disconnect between Bitcoin and other large cap 'Altcoins'. 

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Bitcoin Cash is trading above $300 and around $325 at the time of writing this post but unless it can climb above $400 again it is going to struggle and what we may see is an extended period of consolidation until Bitcoin (grandfather) decides to motor and make a new high. 

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Bitcoin Cash is currently trading around the $315 - $320 area. The trading range seems to be tightening. It seems it is still in a consolidation period like the other 'Alt Coins'. 

If you put how Bitcoin Cash has performed in 2019 alone then it is a remarkable investment and a remarkable trading opportunity. It has virtually doubled in price. Now that is what I call asset price appreciation!

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Right now Bitcoin Cash seems to have lost its way a bit in terms of positive news.

It is consolidating as expected and is currently trading at the $320 area which is the area it was trading at last week so even with all the price fluctuations it seems to have found some support for the time being over $300. 

It will either take a strong upward move from 'Big Daddy' Bitcoin or some very positive news to move Bitcoin Cash upwards. 

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