The fourth-largest cryptocurrency Bitcoin cash has recorded a mammoth 160% price growth since its low which was found in December last year. Bitcoin Cash and Bitcoin both will have Halving events this year. Bitcoin cash halving will take place in April, and Bitcoin halving will take place in May. Bitcoin cash is also advancing the Halving run, Bitcoin is lacking behind but should follow the Bitcoin cash lead soon.
Let’s look at technicals to understand more about Bitcoin cash price action
Bitcoin cash is trading in its 7th consecutive positive week in terms of price growth. Bitcoin cash price found a bottom at 168$ in December, and currently trading above 430$ by registering 160% growth in the last 6 weeks.
On a weekly Timeframe, Bitcoin cash has found support above 50MA, and currently facing resistance at 100MA.
On the FIB Scale, Bitcoin cash is currently challenging 0.786 level, break above this level could open path to 514$- Which was previous high found in June last year.
Bitcoin cash could attempt to retest previous high in the next few weeks, and highly likely chances that price can make a new two years high above 700$ before next halving.
Must Read: https://itsblockchain.com/bitcoin-price-prediction-can-hit-75000-in-2021/
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