It would appear most of the bearish pressure which seemed to materialize yesterday evening is no longer in place at this time. Some of the top markets are moving up in a decisive manner, whereas others are still on wobbly legs. The Bitcoin Cash price is surging once again, although it remains to be seen if this trend can be sustained for very long. Weekends are usually somewhat odd when it comes to cryptocurrency trading.
Bitcoin Cash Price Surge is Surprising
Most people will readily agree Bitcoin Cash is a bit of an unusual market first and foremost. While the current price momentum seems to signal the coming few days will be rather interesting to keep an eye on, there is also a good chance this uptrend will come crashing down sooner or later. Since all of these top markets rely on Bitcoin’s momentum first and foremost, it wouldn’t take too much effort to send all markets in a downward spiral pretty quickly.
Over the past few hours, the Bitcoin Cash price has risen by 10.03% in USD value and 9.52% in BTC value. Both trends look very promising, especially now that one BCH is valued at $170, or 0.042 BTC again. Combined with $509.64m in trading volume, there is a lot of positive market momentum to contend with at this time. It is also the first time in a while the BCH market cap surpasses $3bn again, which will please a lot of holders and speculators.
As is always the case when it comes to alternative markets, the social media activity is interesting to keep an eye on. It would appear the “official” Bitcoin Twitter account is trying to convince the Epic Games store to accept BCH as a payment method. While they also advocate for using Bitcoin, it seems a lot of people already oppose the idea of supporting BCH. That is entirely to be expected at this time since BCH simply doesn’t have a great reputation in this industry.
https://twitter.com/Bitcoin/status/1109347952173043712
Traders are also contemplating where things will head next for Bitcoin Cash. Crypto Future expected the ETH/BCH ratio to turn out in favor of ETH, but it clearly did not work out as planned whatsoever. Although both currencies are in no way competing with one another, their internal relation in the price department can allow traders to make some good money. It will be intriguing to see how the ETH/BCH ratio evolves in the coming weeks and months.
https://twitter.com/CryptoF007/status/1109355356520660993
When it comes to the current BCH chart, it is evident this latest uptrend has already seen a minor correction before resuming. TO some traders, that will be an extremely bullish sign, whereas others will expect an even steeper pushback to materialize in the very near future. Considering how the weekend is usually very odd in terms of trading behavior, there is a good chance some form of market shift will occur for BCH, either for better or worse.
#BCH どうせRSIが直近最高値でナイアガラなんやろな🧐 pic.twitter.com/eWXdMITBBs
— toshix (@LZnWWhNQaRjJmF2) March 23, 2019
While all of the signs currently indicate the Bitcoin Cash value will continue to rise, there are rather steep gains in place already. A 10% push during the early hours of Saturday is not necessarily an indication as to how this market will evolve over the next 48 hours. While there may be a further push, chasing the top is not advised at this time. That goes for all other markets which note unusual gains, and not just Bitcoin Cash.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com