Tuesday 13e, Bitcoin Cash (BCH) fell from $133.11 (BCH/USD) to $117.23 within hours. This massive 12% drop had a major impact on BCH’s trading and rate outlook for the rest of the week, but is it still starting to recover?
How did Bitcoin Cash fare?
There was an attempted bullish push on Wednesday, where the BCH rate climbed as high as $120.48, breaking back past that key $120 level. Today the rate is $119.37, an increase of 1.29% from the previous day.
What we see from BCH is a struggle to even hold near the $120 resistance level despite the recent healthy and volatile move. At least it’s not falling further, but it also hasn’t gained much since Tuesday’s drop.
The trading volume has been almost flat for the past 24 hours, and it seems that most investors are waiting for a price increase before selling. The trading volume for BCH for the last 24-hour period is $255 million.
Buy, sell or wait on BCH?
Bitcoin Cash isn’t at a month’s low, but it’s lost a lot of the progress already made in September. It will be very difficult for it to go back, and we do not expect to see a major uptrend for this crypto in the near future.
We may see a small boost over the weekend, and some investors may be willing to buy at this lower rate, but there is no indication that Bitcoin Cash will bring them profits soon.
We recommend that you wait for this cryptocurrency for now, giving it time to get back to where it was recently above the $130 level. It could take a while, however, and after the most recent drop, it’s likely that many BCH investors will sell at the first opportunity for profit they get.