Bitcoin Cash Down 1.4% on Profit Taking, Tracking BTC Price Action

  • Bitcoin Cash is down 1.4% as profit-taking hits the market.
  • Bitcoin cash will continue tracking Bitcoin prices.
  • Price recovery expected if Bitcoin prices clear the $64,000 mark convincingly.

The Bitcoin Cash price prediction is for the BCH/USD pair to mirror the moves of Bitcoin, extending the positive correlation that the crypto analogue has shown for its parent token over the years.

Bitcoin cash is down 1.63% on the day, as the price retreats from the recent high of 655.98 posted on 21 October. The recent decline comes from some profit-taking, but this has only led to a slight pullback as Bitcoin continues to attract heavy buying interest.

However, the decline of Bitcoin Cash and the price surge of Shiba Inu means it has had to give up its positioning in the ranking of the most capitalized cryptos.

Bitcoin Cash Price Prediction

Tuesday’s decline is testing support at the 601.98 price mark, where the channel’s lower border resides. A breakdown of this price level opens the door towards 539.55, with 560.00 serving as a potential pitstop. An additional decline allows the 19 May/21 September lows at 498.31 to become a new downside target, along with 459.72 (21 June low).

On the other hand, a bounce on 601.98 allows the bulls to aim for 645.80. If the bulls uncap this new target, it creates a pathway towards 728.43. Price discovery of 802.21 follows a further advance that takes away 72.43.

Bitcoin Cash: Daily Chart

Follow Eno on Twitter.