According to the latest BCH analysis, the Bitcoin cash price declines to $230 and traded between the $230 and $248 levels for the day as we are reading in the following Bitcoin cash news.
The BCH/USD pair dropped towards $244 right when it stepped on the price chart for yesterday (April 19th) and then it gradually made its way close to the $238 level before the midday. The Bitcoin Cash price declines to $230 before reaching the daily high of $249.
During the afternoon, the cryptocurrency entered another bearish momentum which caused the price line to drop below the $232 level and to the daily low of $229. Bitcoin Cash traded between these levels until the end of the day and the pair eventually ended up closing at $230. The 20-day Exponential Moving Average and the 50-day Moving average saw a drop as well as the pair turned bearish on April 19th. The moving averages saw a continuous drop to the $234 price point where the 20EMA closed at $234 above which the 50MA closed at $232.
The Relative Strenght Index declined to as low as 20.84 which indicates that the coin entered oversold territory twice in the day.
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As reported before, this is the first of the three major Bitcoins to go through halving. The next one that was going to fork was Bitcoin SV (BSV) on April 10, and then Bitcoin (BTC) in May – which is approximately 2 weeks from now. That said, some analysts believe that miners will switch from BCH and BSV in this month until BTC’s halving – trying to compensate their lost revenues. A tweet by BitMEX Research visualized the movements clearly. According to the crypto analysis firm Arcane Research, in order to avoid slow block discovers because of a lower hash rate, a difficulty adjustment algorithm was included in the BCH fork. This way, Bitcoin Cash miners will have more difficulty adjustment than BTC.
Although the Bitcoin halving even could have a massively bullish influence on the price, there seems to be another story for Bitcoin Cash. After the drop earlier today, Bitcoin Cash could barely move from the $260-$270 price range over the past hours.
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