#17654
margincall
margincall
Keymaster

Lets have a look at what the Bitcoin Cash markets have been up to lately.

bchusd forecast 18 May 2018

As we can clearly see the market is experiencing a short term bear trend, like most cryptocurrencies at the moment.

Bitcoin Cash gained momentum in April when prices blasted past $800, we saw some sellers stepping in at around the $1600 mark for some cool 100% gains. This selling pressure increased and we are currently testing the $1000 – $1200 price zone, where I suspect the bulls might have built their floors.

Should the bulls fail to step up to the plate and defend the near term support at $1200, we will most likely test $1000. This also happens to be a strong psychological support level for the market and should it fail I will take a closer look at the $800 zones where I might try to catch the bounce.

With that said should the Bitcoin Cash market consolidate above the $1200 this weekend, and going into next week, it will be a sign of recovery for me. Please remember this is all just my opinion.

Like I mentioned in my Ripple report, the next surge of buying/selling volume will most likely light the way. Safe trades.