Home Bitcoin Cash price analysis: BCH/USD trims gains over 2%; the latest study in Russian finds cryptos not a threat to financial stability
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Bitcoin Cash price analysis: BCH/USD trims gains over 2%; the latest study in Russian finds cryptos not a threat to financial stability

  • The residents of Russia held $7.5 to $14 billion in digital assets in the Q1 of $2018.
  • Bitcoin Cash price has a significant handle to cross at $1,125, besides the zone coincides with the 23.6% Fibo.

Bitcoin Cash price has broken below the bullish trendline that has been running for at least two weeks now. The price is battling to find a balance above $1,100 before attempting to recoil above the resistance at the trendline which also coincides with more resistance from the 23.6% Fib retracement level with the previous swing high of $1,201 and a low of $881.

A recent study in Russia reports that the volatility of the virtual currencies has a very little effect on the stability of the traditional financial system. The risks on the economy are canceled out by the high ownership of the virtual currencies. Besides, consumption of goods and services is not affected by the cryptocurrencies. The residents in the country held $7.5 to $14 billion in digital assets in the Q1 of $2018 according to the report. The report was released by the Russian Analytical Credit Agency (ACRA).

Technically, Bitcoin Cash price has a significant handle to cross at $1,125, besides the zone coincides with the 23.6% Fibo, the 100 SMA as well as the ascending trendline. Breaking above this level will see BCH/USD battle with the resistance at $1,150, before breaking the short-term barriers towards $1,200. On the flipside, the 38.2% Fibo will prevent declines marginally above $1,075, however, the major support area stands at $1,000.

BCH/USD 1-hour chart

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