Bitcoin Cash BCH/USD maintains choppy movement. Are buyers relentless?

  • Bitcoin Cash now holds close to $110 for 3 months

  • Cryptocurrency price volatility mirrors Bitcoin price volatility

  • BCH has formed multiple bottoms, suggesting a possible price reversal at $110.

bitcoin cash BCH/USD The Bulls are sending a clear message. We want to hold the $110 level. Even when the market is under pressure, BCH has consistently leveled since June.

Bitcoin Cash’s price dynamics are similar to those of its parent blockchain. BitcoinThe latter is the king of cryptography. Bitcoin is therefore expected to steal all headlines in a very bullish market. However, investors see Bitcoin Cash as a cheap alternative to Bitcoin. Nonetheless, it’s not the cheapest cryptocurrency as it trades at a relatively premium price of $122, yet it’s a penny compared to Bitcoin’s hefty price tag of $20,200. .

Looking at price action, Bitcoin buyers have always defended $19,000. Multiple troughs clear at the levels suggest that they may be the most plausible psychological troughs for cryptocurrencies, and we believe BCH will move in a similar fashion and welcome a bullish recovery.

BCH forms multiple bottoms at $110. What do you mean?


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Source – TradingView

From a technical perspective, BCH is forming multiple bottoms at the $110 levels. Multiple bottoms are not a trend or price direction indicator by themselves. Instead, it shows a battle for control between sellers and buyers.

Multiple troughs that occur after a prolonged slump can be an important indication of a change in trend.

After BCH

The chart above shows that buyers are trying to control BCH at $110 levels. For patient investors, it will be the perfect entry point before the momentum starts.

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