- Bitcoin Cash range-bound below $470 with a support at $440.
- The crypto market loses $2 billion as digital assets continue with the subtle trimming exercise.
The cryptocurrency market is mainly fueled by speculation which leads to the high volatility that is constantly witnessed. This situation has forced the developers of the coins to concentrate on usability and adoption of the digital assets. Bitcoin Cash, the fourth largest crypto by market capitalization is currently redefining itself in a bid to spearhead adoption, at the same time, develop usability as a peer-to-peer decentralized electronic cash.
Meanwhile, $7 billion crypto is stuck in a range as the entire market languishes in the red following the slightly bear correction. The market is down $2 billion from $210 billion yesterday. Bitcoin Cash has been trimming gains from the highs traded on October 15 ($513). The price is currently held hostage in a range with the upper limit at $470 while the support around $440 is holding ground.
The past week, BCH/USD has shown good levels of stability with the coin avoiding big movements in either direction. Moreover, the descending trendline continues to cap gains. In addition to the 50SMA is standing in the path of upward movement slightly below $450. In the interim, Bitcoin Cash is trading at $446.8. the bulls have the say at the momentum but they luck the momentum to sustain gains above $450. Further up, BCH/USD will face the wrath of the sellers at the 100SMA currently at $452.18. The fast stochastic oscillator shows that the bulls influence is rising in the short-term.
BCH/USD 60′ chart
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