Yesterday’s Sharp Gains for Bitcoin Cash (BCH) Are Leveling Out
On Tuesday, Bitcoin Cash (BCH) began climbing from Monday’s low of $114.26 (BCH/USD) to peak at $122.67 before the end of the day. Today’s movement is much subtler, with the BCH rate only gaining 1.26% over the previous day and Bitcoin Cash standing at $120.34 as of this writing.
A Full Recovery for BCH?
Before the drop at the beginning of the week, Bitcoin Cash was priced at $124.26. However, this was after a sharp spike that seemed to come out of nowhere. It was the highest we had seen BCH in about a month, so that price increase was bound to fall quickly.
When it did, the coin lost 8%. We saw a recovery back to the expected level, above $120, and that only took a full day after the decline. Bitcoin Cash’s bounce back was rapid and almost a full recovery, so we are looking at a healthy crypto here. That is a rare thing in the cryptocurrency marketplace these days.
The last time we looked at Bitcoin Cash, a week ago, it was near that same $114 mark, so it has climbed since then to a better position for long-term market value.
Buy, Sell, or Hold on Bitcoin Cash?
Because this coin is higher than typical at the moment, we suggest holding on it. If investors have made a profit at the current price, they may want to think about selling, though there is potential for the price to go higher in the next couple weeks. Less than a month ago, we saw the rate soar as high as $136, and while we may not see a repeat of that anytime soon, we could see BCH climb much higher than where it is. Those who are able to hold out for a chance at a bigger profit may want to do just that.
What are the chances of BCH plummeting from here? We expect there may be some small drop over the next few days, but BCH is likely to hold the current rate fairly well or climb higher by the end of the week.
Investors looking to buy up BCH for a profit in the near future will definitely want to hold out for a price drop because of how well the coin is doing right now.
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