BitcoinCash is fighting for it's life as the market sees a slight pullback today. Current MC: $5B and shrinking!
After having such a miraculous comeback from a low of $191 all the way back to $383 only a few days later, BitcoinCash was bound for another drop. The price of Bitcoin is always going to dictate the market as the rising tide raises all boats. Bitcoin is the backbone of this crypto economy and when it says jump the market jumps.
In today's chart you will see that we held pretty steady in the $310-340+ range for a couple of days only to break down the support levels at $300 allowing the price to fall back to $287 for a minute. I predict that a further retracement is definitely possible if Bitcoin prices cannot penetrate the resistance levels set at $3350. A drop back down to $265 is possible and even as low as $230-240 if there is any panic selling.
Likely Scenarios:
- BCH holds steady around the $300 range today as BTC stabilizes
- BCH tests the support levels around $290 and continues to drop down to $265-270 zone
- BCH pulls back to $315 then drops again to $300 range
TLDR VERSION:
As Bitcoin prices drop BitcoinCash prices will follow. It will take a lot more volume to make up for lost ground and the market is looking rather bearish today. Expect prices at or below $300 for most of the day
Price Target:
$265
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