Bitcoin Cash—the hard fork of Bitcoin has made its way through many digital assets of the market to become one of the largest digital networks by market cap. Bitcoin Cash, although being a hard fork, is holding a block size four times larger and is four times faster than BTC.
Bitcoin Cash has risen above the crowded digital currency landscape to become one of the largest networks by market cap. Learn more about #BitcoinCash in our $BCH Building Blocks report: https://t.co/LJMiuMzxgX pic.twitter.com/5wiEnRjNi4
— Grayscale (@GrayscaleInvest) July 2, 2020
Roger Ver—one of the cryptocurrencies lush and early adopters in an AMA on June 26, 2020, said, “My pitch for Bitcoin in 2011 is the same pitch for Bitcoin Cash in 2020.” With this, he also added that one could send or receive any amount of money anywhere across the world, instantly and without costing any big-pocket fees to the sender.
And, he believes that all these qualities are now true for Bitcoin Cash that was earlier true for Bitcoin. Further adding he said, he didn’t promote BCH until he was confirmed about the fact that Bitcoin will not be allowed to scale to be permissionless money for the world.
The price of BCH may not be enticing enough for the investors at present, but the investment in Bitcoin Cash is for the long-term and not something that can reap benefits in the short-term.
Bitcoin Cash Price Analysis
On the 3-hourly chart, Bitcoin Cash has lacked the momentum with which it was trading at the onset of the previous month with two lower lows in the 2nd and the last week of June 2020. It was around the closing of the previous month when BCH dropped as low as 204 against the US Dollar. However, irrespective of recent pullbacks, Bitcoin Cash is holding strong support at $200, while it is currently trading at $221 and lacks support from 50-day & 200-day MA on a 3-hourly chart.
However, Bitcoin also lacks a proper blow of momentum, which is influenced by many altcoins of the market, which includes Bitcoin Cash as well. The 20-day Bollinger Bands are seen squeezing; however, the current BCH/USD trend is seen around the upper BB with a bullish candlewick. Moreover, the coin is seen as having range-based trading over the past six days now after the recent lower low fall that happened towards the end of the previous month.
As per the other technicals laid, Bitcoin Cash is moderately bearish due to a narrow range of trading, and the RSI lies at 46.57 with no trading extremities due to lack of steep momentum.