Bitcoin Cash is usually among the market’s best performers, which is why its current status is rather untypical. It’s lost 2% over the last few days, and 10.91% over the week. That’s strange for BCH but not so much because that’s the same trend we’re seeing in the whole top 5 markets except for Litecoin, which is the only cryptocurrency that has green numbers weekly and daily.
As we write this, the coin is trading at USD 384,26, but it’s going down. It’s been going down since it reached the USD 408 level and showed no signs of recovery. That’s what usually happens on weekends.
We’ll see what the daily and monthly technical analysis tell us about the coins performance for the next hours and days.
The daily analysis tells us that we should sell right now. The price is barely above the first support level of 380,07, which means it has about USD 1.57 to lose before it finds support and either starts trading sideways or going up.
But that could take forever because the trading volumes are exceedingly low, we’ve seen only two high volume levels during the day, and they’ve happened when the token loses value, so those are not exactly great news.
And yet, the trend is not so strong that you should expect to make a lot of money by selling.
The monthly scenario is way better because while the situation is not bullish, it could become bullish sometime soon. We say that because the price is not so much lower than the pivot point. Then the first resistance level is very far away (528.04), so the currency has a lot of room for expansion during the rest of the weekend. The problem is, will we see this expansion happen? Well, maybe we could see it. But we’re not about to bet on it.
Some days are just not the right days to go into a particular cryptocurrency. Today is not the day to go for Bitcoin Cash. Taking into account it’s a weekend, it’s quite reasonable, and nobody should be too surprised about it. The market is not showing any clear signals regarding BCH today, and chances are it won’t for a couple of days. Monday could be a different history, but until Monday arrives, we need to keep the discipline and keep our decisions for today based on today’s facts. And the truth is: if you want to buy BCH, wait for a little for the market to give you better signals. Today is the day to pass.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.