Bitcoin Cash is an upgraded version of Bitcoin aiming at peer-to-peer electronic transfer similar to the original Bitcoin. It was created as an altcoin in 2017, and in 2018 it split into two more cryptocurrencies Bitcoin Cash and Bitcoin SV.
Following are the features of Bitcoin Cash:
- Decentralized platform with better security and faster transfer rate.
- All the transactions are processed and validated on a secure blockchain, and users can be anonymous.
- It has a hard cap of 21 million.
- Suitable for retail purchases.
It is a deviation or hard fork of the original version, which is scalable to ever-growing Bitcoin users. Many Bitcoin users like Bitcoin Cash because of larger blocks that offer faster transactions. It is suitable for retail purchases, but if you want a larger transaction such as purchasing a car or house, you should choose Bitcoin because it is time-tested and secure. That means BCH and BTC have two different roles. Now you can use different platforms for different purposes. Indeed, it is faster and offers lower transaction fees than Bitcoin.
At the time of writing this analysis, the price of Bitcoin Cash is $317.99. At first glance, the chart looks like it is in a consolidation phase: $345 is the upper range, and $284 is the lower range. On the daily chart, we can find that MACD is bullish, and the RSI is also stable around 45. Interestingly, the candlesticks have faced resistance around the upper half of the Bollinger Band, and it is now coming to the lower half of it. In the short term, it looks like the price may come again to the support level of $280, and that could be a better time to buy as per Bitcoin Cash price prediction.
However, we need to consider the weekly chart for a long-term view. The chart has been flat in the last three years, and it is in a consolidation phase, so we cannot predict how long it will continue. We do not think you should invest long-term and wait for a better return. You can invest for the short term with a target price and book your profit when you reach your target.
Most technical indicators are bearish in the long term, and we can find a strong resistance level around $700. You may consider it a target price and go for a short-term investment, but we request you to do your research before investing in Bitcoin Cash. It is a popular cryptocurrency, but the future will depend on market adoption.