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If you have been eyeing Bitcoin Cash at $110, you may have to wait a little longer. A contagion of risks brewing in the market forced a sharp selloff, pushing Bitcoin Cash to below $110. The level was crucial support, with the token forming multiple bottoms. BCH tested a lower level at $87 but has since recovered to above $100. Should you be optimistic?
Cryptocurrencies are known for sudden moves in the market. Just as the slip below $110 happened unexpectedly for BCH, a recovery above the level can too. Buyers should be optimistic and be ready to buy once that happens. But that should be taken with a grain of salt.
Crypto winter is far from over, as underlined by this week’s selloff. The macro concerns have been the main highlight recently. So far, investors have developed a thick skin against the possible macro forces, including tighter economies. For that reason, most cryptocurrencies have been consolidating – an example of BCH at $110. However, markets seem to have forgotten a key factor – the liquidity state of crypto firms.
The collapse of FTX has brought a new perspective to crypto markets – the financial health of crypto firms and exchanges. As recession bells continue to ring, how many will survive to see a bull market coming? As it turns out, this fear will linger, and lasting recoveries are bound to stay muted. So, should you snap BCH or not?
BCH regains – heading back to above $110?
A sharp sell-off made BCH invalidate bullish reversal signs already forming at $110. The MACD indicator remains in the bearish zone, although the weak momentum has slightly improved. $110 is the level to watch.
Should you buy BCH?
If you are the “buy now, sell tomorrow,” type, you are better off staying away from BCH for now. With weak momentum, the token will hardly generate returns.
However, long-term buyers should consider BCH on their waitlist. BCH’s safety from a potential further slump will be confirmed if the token recovers above $110.
Where to buy BCH
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Buy BCH with eToro today
OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.
OKX takes customer security very seriously, they store almost all of their clients' funds in cold storage, and the exchange is yet to be hacked.
On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
Buy BCH with OKX today
The post Bitcoin Cash invalidates a potential bullish reversal zone. Should buyers be optimistic? appeared first on CoinJournal.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.