Bitcoin Cash (BCH) Value Doubled During This Week
April 8, 2019 1:52 pm
Bitcoin Cash (BCH) has never been seen competing against any other altcoins. But the crypto-coin has been always sticking towards being a growth leader when seen on a week-on-week base.
Gaining around 90% during this week, Bitcoin Cash is the fifth largest digital asset to trade at $314 (at the time of this article being written). On April 3rd, BCH hit $352, closing the bearish gap created since November 12th, 2018.
Even though Bitcoin Cash (BCH) follows Bitcoin, there are multiple factors that seem to have helped take BCH higher.
Crypto Facilities, a US based cryptocurrency exchange Kraken-subsidiary, noted a hike in Bitcoin Cash future trading, whereas BCH developers released Simple Ledger Protocol. This allows development teams to create new tokens on Bitcoin Cash blockchain.
BCH/USD is proactively supported by SMA50 1-hour on the intraday level. The sell-off might get extended once the local barrier is out of the way. The extension might result leaning towards $300, being powered by 1-hour SMA100, and followed by $272.
Concluding, the reaping support is created by $254-$252 area, including 4 and 1-hour SMA50 and SMA200 respectively. Looking at the sunnier side, the local barrier has been produced by $330 (as per the April 4th high), followed by a resistance of $350.