The latest cryptocurrency news show that there are many altcoins which could pull off an altseason and surge before Bitcoin (BTC) does that. One of them is the brother of the most dominant coin with a tick BCH. In the news today, we can see that Bitcoin Cash eyes 5 as its next trading zone even though the current price now is at 19.
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There is definitely some bullish momentum. Despite the fact that BCH lost close to 2% in value, in October this cryptocurrency rebounded spectacularly towards the end of the month in response to the positive momentum buildup by BTC.
However, over the past two months, we can see that BCH lost a lot of its value and now Bitcoin Cash eyes new zones. If you are wondering about trading this coin and if it has a potential to start pushing higher again, the next levels of support are as following.
For now, the charts and Bitcoin Cash news show that the price of BCH recovered during late October before crashing around 45% as we moved through November. The October gains were lost and the price came crawling back down to a low of $200 as the huge market wide meltdown hit the coin hard.
Last week, no one expected BCH to push higher than $225, but the price reversed and now Bitcoin Cash eyes $215 as it next target. BCH definitely needs to try again and regain support at around $225, but before that needs to establish itself higher.
If the cryptocurrency does not sustain this move, it could fall in the one hundred zone and trade below its EMAs for a while. It can recover towards the 200-day EMA even though the market is showing no signs of a recovery just yet. The not so good news is that the volume right now sits at just above $1 billion which is around half of what it was last week.
All in all, Bitcoin Cash eyes a new target and if the stabilization continues, we could definitely see it above $210 and close to $215 soon. In a scenario like that, the total cryptocurrency market cap will also go over $200 billion.
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