What is Bitcoin Cash? Should you buy it right now?

  • Bitcoin Cash, a hard forked cryptocurrency that was created from Bitcoin, is Bitcoin Cash.
  • Bitcoin Cash allows for faster, more affordable transactions than Bitcoin
  • BCH has seen a more than 5% increase in the past month, similar to Bitcoin.

 

Bitcoin Cash BCH/USD is a cryptocurrency that ranks 30th in market capital. It is also known as Bitcoin Cash. Bitcoin Cash BCH/USD was formed on August 1, 2017, from a hard fork within the Bitcoin network. Bitcoin Cash was created in order to solve the issue of slow and expensive transactions on Bitcoin.

Bitcoin Cash and Bitcoin Cash share many similarities. Each currency has a hard cap of 21 million tokens. A proof-of-work blockchain called Bitcoin Cash is also available. BCH is faster and charges less. It supports smaller transactions and smart contracts functionality.

BCH, which is the native token of Bitcoin Cash, was not spared by the recent crash. The token, which was trading at over $400 at the beginning of the year, now trades at $104 BCH. This is an increase of 5.10% in 24 hours according to press time. This is about the same gain that Bitcoin’s 5.16%. Similar trends can be observed in BCH’s and BTC’s price movements. If most cryptocurrencies recover, BCH may be an option for investors. Do you wait or buy it now?

Bitcoin Cash gains bullish momentum but faces resistance

bitcoin cash

Technically, BCH shows a bullish trend in short-term. The cryptocurrency is recovering as bullish sentiment increases. MACD moved higher than its moving average, which indicates a bullish push. BCH is supported both by the 21-day and 14-day moving averages. We expect BCH to continue rising in the short-term. The $111 price point for cryptocurrency will prove to be resistance.

Even though BCH has shown signs of recovery, we cannot guarantee sustained bullish momentum. The price should be kept at $111. Long-term investments are recommended, but it is possible that the price drops below the $111 resistance.