In the last few weeks, Bitcoin Cash has increased significantly. From the levels of $ 600, it is gone all the way up to $ 1600. It is again in the limelight of most of the investors when it comes to cryptocurrencies. Earlier as well, it had fallen all the way from $ 3500 to just $ 600.
Many investors are again asking the question whether Bitcoin Cash can increase further or not.
Price movements of Bitcoin Cash:
Bitcoin Cash has fallen to around $ 1275 after increasing to levels of around $ 1600. Around $ 1500, it is witnessing a lot of selling. That is why it is crucial for it to cross these levels. Only once it is able to cross $ 1500, it will be able to rise in a significant way.
If you look at the retracement levels, the 50% retracement level is around $ 1475. According to the charts, it is facing a lot of resistance around these levels as well. If indeed, it is able to rise above $ 1500, it can easily move to $ 1600 as well. Also, most of the other cryptocurrencies have lost their momentum as well. As a result, it is very difficult for Bitcoin Cash as well to cross any significant levels on the upper side.
It seems like it will move in a narrow range
Traders will need to also look at the volumes which are being generated by this cryptocurrency. If indeed, it is able to rise on higher volumes, it will be easier for the cryptocurrency to cross the thresholds and go higher. If it rises on lower volumes, there are greater chances that it will fall back once again. That is why the volumes need to be taken into account when it comes to taking a trading look.
Currently, however, it seems like it will move in a narrow range unless it is either broken on the upper side or on the lower side. This is the reason why many of the traders are actually ignoring Bitcoin Cash and spread of the astronomical rise in the price of the cryptocurrency in the last few weeks. Only when it is able to surpass the 1500 levels, most of the traders will actually look at investing in the cryptocurrency. Till then, it is likely that the volumes will remain on the lower side and the cryptocurrency might not show any significant moves on either side.