Popular and major Bitcoin forks like Bitcoin Cash, Bitcoin Gold and Bitcoin SV have gained enough impetus when it comes to price and trading fees, and of the many Bitcoin forks, Bitcoin Cash is topping the list. BCH had surpassed the performance of Bitcoin for the first few months of the ongoing year until the major sell-off that happened in March.
Bitcoin Cash and Bitcoin SV are majorly embraced as “speculative investments” and are looking at the time of volatile markets for fetching significant returns. In this regard, if observed, BCH has been giving spectacular returns to the investors who trade with the utmost knowledge and know the characteristics of the coin.
Bitcoin Cash, when forked from Bitcoin, was a simple and complete solution to Bitcoin’s scaling issues of a 1MB block. BCH, thereby, was renowned as more and more people came to know about its features of boosting the long-term portfolios.
Moreover, forked out of Bitcoin, BCH is more approachable and preferred in terms of transaction fees when compared to Bitcoin, and therefore, it becomes less expensive.
Average transaction fees today 22 Jun 2020
BCH: $0.0065#BitcoinCash is 175 times less expensive
This enables new uses, inexpensive experimentation and means Bitcoin Cash works for everyone, even in the developing world#BuildBCH
— George Donnelly (@GeorgeDonnelly) June 23, 2020
Bitcoin Cash Price Analysis
On the daily chart, Bitcoin Cash appears flat due to lack of momentum and is around the lower 20-day Bollinger Band. After the massive market crash in March, BCH held a visible yet fine uptrend for a month, and since then, it lacks a blow of traction to breach the narrow trading range. Bitcoin Cash price is seen oscillating in a narrow range of $205 to $282 on the daily chart while currently trades at 236.5 against the US Dollar.
Over the past two months, the BCH price movement is flat, and the 20-day Bollinger Bands are squeezing with no support from 50-day and 200-day daily MA. The major support to watch out for lies at $230, followed by $225 and the major resistance yet not immediate, is price area beyond $280.
The technicals of Bitcoin Cash are exhibiting the dearth of momentum and have turned flat. However, the intraday is comparatively exhibiting slightly more movements but is in a stipulated range. The MACD chart of BCH has turned on the daily chart while the RSI of the coin is at 46.66 and holds no extremities due to a range-bound trade and no long-term volatility.