Bitcoin Cash is a good choice for traders and investors who are seeking long-term investment as the coin has a professional development team and the project is charming. But on the other hand, if we talk about the present behavior of the token in the markets it is not very satisfactory to ease our gut feelings and sentiments about the Bitcoin Cash.
Performance in the Q2
If we evaluate the performance of BCH in the second quarter of 2019, we come to know that the price showed a great rally as the value was hovering at $233.55 on 28 April that soared to the striking sky mark of $482.07 on 26 June and increased by 104.78% that is a remarkable rally. This incident cleared our doubts about its underlying tech project and its fundamental developments.
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Point of Slump
The coin is manipulated by the sellers in the markets when it failed to cross the resistance level of $515.10 in the month of June. After this failure to overcome the resistance, the trend line dipped to mark of $255.60 on 15th July 2019. After this big slump, the bulls tried their best to rise again and were able to achieve the figure of $347.34 that was recorded on 5th August. And then again, bulls lost their hope towards recovery and started to crash.
The current price value is hovering at around $280 that is the lowest position of cryptocurrency. There is a strong support level at $281.05 that will pamper the trend line of Bitcoin Cash in the upward direction.
The next destination after bouncing back by the support level maybe $420. However, the resistance levels at $323 and $345 will resist the price to remain in the bearish trend.
It is a good time to invest in the digital asset as experts and analysts have high sentiments about future price value of BCH but it takes time to make a handsome amount of profit.