Has Bitcoin Cash Bottomed Out?

It’s https://www.investdiva.com/ ‘s Kiana with NewsBTC and here is your cryptocurrency update. We had yet another bullish day across the crypto market, with Bitcoin cash leading the top 20 cryptocurrencies with its 16% gain. Bitcoin Cash remains the most popular Bitcoin fork. Since its inception on August 1, 2017, Bitcoin Cash has aimed to effectively eliminate the problems associated with Bitcoin trading. Some distinct features of Bitcoin Cash include faster and cheaper transactions comparing to Bitcoin, and that its ecosystem is maintained and controlled by separate independent development teams internationally. Analysts are expecting further development updates which can change its future. Bitcoin Cash remains the 4th largest cryptocurrency, though its market cap jumped to $15 billion on Wednesday according to coinmarketcap. From a technical point of view, Wednesday’s surge created a bullish engulfing candlestick pattern on the daily time frame, and it could be reaching the neckline of what appears to be a Saucer Bottom reversal chart pattern. A confirmation of this chart pattern could indicate that BCH/USD has bottomed out, although it remains below the Ichimoku cloud with the cloud acting as a resistance. Should this truly be the start of a new uptrend momentum, we could see the 23% and 38% Fibonacci retracement levels of $1475 and $1995 to be reached within the next couple of months. Thanks for watching, invest responsibly, and I’ll see you with more updates next time.

Has Bitcoin Cash Bottomed Out?

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Kane Dane