The Bitcoin cash market seems to be in a state of slumber and the focus seems to be away from this instrument at this period of time. After enjoying a lot of attention at the end of 2017, we have seen the pair being under increasing pressure over the last few weeks as the focus seems to have shifted back to Bitcoin. Altcoins seems to be in a lull at the moment and Bitcoin cash also seems to be suffering due to that at this period.
Over the last week, we saw Bitcoin cash prices move towards the $1500 region and this has been proven, many times, to be a region of support. The region turned out to be a strong buying level once again which helped traders to set this level as a support to continue buying Bitcoin cash. BCH prices now trade above the $1650 region as of this writing and look to be buoyant.
We have been mentioning in many of our forecasts that the region around $2200 is likely to witness a lot of selling and continues to be a region of resistance. We do not expect any major break in either direction in Bitcoin prices and as long as Bitcoin and other cryptos are not taking a direction, we are likely to see a lot of ranging between the $1500 and $2200 in the short and medium term. It is advisable that the traders, especially those who are looking for the long term, wait for a breakout in this range before they start buying or selling.
At this time, it is not yet clear which direction Bitcoin cash prices would break and that is why we advise caution. Till a breakout occurs, the range traders could make a killing by trading the range with a stop loss just beyond the ranges that we have mentioned. This week, we believe it would be a bullish week for the crypto market in general which should keep the prices buoyant as markets recover the South Korea regulation concern that caused a decrease in crypto prices.