Bitcoin Cash (BCH), the cryptocurrency that powers the Bitcoin Cash layer-1 blockchain that was created back in August 2017 after a hard fork from the original Bitcoin blockchain amid concerns about Bitcoin’s scalability and transaction speed, is trying to get back above the $200 mark.
It was last changing hands close to $199 and is broadly flat on the day, after finding strong resistance around $210 on Tuesday, when the BCH bulls failed to push the cryptocurrency back to the north of its 100 and 50DMAs and downtrend from the late June high.
BCH has been in a downtrend since a massive pump in June, which was at the time attributed to news that BCH will be one of the few cryptocurrencies listed on by crypto exchange EDX Markets.
EDX Markets, which is backed by a number of major financial institutions like Fidelity, Charles Schwab and Citadel, launched just a few months ago and observers think that the exchange will be looked on more favorably by regulators than its competitors like Coinbase.
Price Prediction – Where Next for Bitcoin Cash (BCH)?
BCH’s failure to muster a meaningful break back to the north of the $200 level, as well as above the key aforementioned resistance levels is a concerning sign for the cryptocurrency’s near-term price prospects, and price predictions look set to remain bearish as a result.
Indeed, BCH looks on course to retest recent lows in the $160 area, should the cryptocurrency continue to fail to snap its recent downtrend.
This is a key support zone, marked by the July 2022 highs and August 2023 lows, while the 200DMA also resides in this area.
If the bulls were to aggressively buy BCH upon a retest of $160, that would be a strong sign that the bull market ignited back in June remains intact.
If not, a fallback to the low $100s and back into the late-2022/early-2023 ranges is on the cards.
Time to Buy Bitcoin Cash (BCH)?
Given the prospect of likely further declines for BCH, crypto investors willing to exercise some patience may want to wait to buy Bitcoin Cash.
As mentioned above, $160 could be a much better area to get involved, as this could easily mark a near-term price low.