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Bitcoin Cash is recovering from the $110 support.
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Bitcoin hard fork is up 4% in 24 hours.
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Investors can turn to BCH as a bitcoin alternative.
Bitcoin Cash BCH/USD is up by 4.20% in 24 hours as most cryptocurrencies remain in the red. Its parent, bitcoin, is down 0.11% over the same period. As the coin remains bullish, BCH is likely to register further gains in the coming days.
Bitcoin Cash is not discussed on the same wavelength as its parent, Bitcoin. The latter retains the top spot of being the most popular cryptocurrency. Its hard fork, Bitcoin Cash, ranks only 29th by market cap.
Bitcoin Cash reviews show that it exhibits similar price movements to Bitcoin. However, BCH sank as bitcoin recovered recently. This can be partly explained by the fact that investors flock to bitcoin whenever macro concerns ease. The slowdown in inflation in July gave hope for a calm macro environment that boosted bitcoin.
However, the macro concerns are not over as the Fed has signaled further rate hikes. Investors may see BCH as a cheaper alternative to bitcoin, which is being hit by macro issues. A price recovery above $110 is a possible trigger for further gains.
BCH is above $110 but below a descending triangle
Source – TradingView
From a technical perspective, it is showing that BCH is trading above the $110 support area. The cryptocurrency is facing resistance at the downtrend line. The momentum indicator is bearish, but a potential MACD bullish crossover is developing.
closing thoughts
A bullish case exists for the coin as BCH holds the $110 support. The prices are showing signs of an uptrend. Investors should watch for a possible breakout of the descending triangle for a deposit opportunity.