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<strong>Bitcoin Cash Stands Out Despite Bearish Market</strong>

The crypto ecosystem market capitalization market has remained relatively stable in the $290- $300billion range with  Bitcoin dominating the scene with percentages still close to 70%, similar to 2017.

There has been a <a href="https://www.cryptoknowmics.com/crypto/ethereum-still-holds-the-290-support-area-but-faces-many-hurdles/">bearish wave</a> in the market in the past 24 hours with only Bitcoin Cash (BCH) among the top 10 coins that is in the green.

<img class="aligncenter wp-image-136122" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2019/08/top-10-300x173.png" alt="Bitcoin cash market" width="428" height="247" />

At the time of writing Bitcoin Cash is trading at a spot price of $336.68 with a recovery of + 1.65% in the last 24 hours with a marketcap of almost $6 billion that keeps it in the number 4 position in the global ranking.

<img class="aligncenter wp-image-136126" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2019/08/bitcoin-cash-300x95.png" alt="Bitcoin Cash" width="587" height="186" />

The BCH market is dominated by the CoinBene exchange with the BCHABC\USDT pair that contributes 11.66% of the altcoin share.

<img class="aligncenter wp-image-136125" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2019/08/bnb-cash-market-300x105.png" alt="bitcoin cash" width="549" height="192" />

In the short term, BCH in the 1H chart shows us a strong pennant with a hope of rupture that allows higher prices than the current ones in the price of altcoin.

<img class="aligncenter wp-image-136124" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2019/08/bitcoin-cashh-300x168.png" alt="binance coin" width="459" height="257" />

BCH's key support is at EMA levels @ 60 days at the $ 327.64 level with a strong projection of a lower level if there is a flag break at its lower end.

Bollinger bands have contracted to have a cloudless scattered with candles trying to break the lower band, which denotes a possible downward trend in the next hours of altcoin.

RSI has made a sharp change from the overbought zone to equilibrium levels between the buy / sell zones waiting for the next altcoin move.

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In the medium term, Bitcoin Cash came out of an HCH pattern to generate a new triangular pattern that is expected to break for a better price recovery such as that occurred in the middle of June 2019.

<img class="aligncenter wp-image-136123" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2019/08/bitcoin-cash-2-300x168.png" alt="bitcoin cash chart 2" width="407" height="228" />

The Aroon Uptrend indicator has begun to decline and its counterpart to rise, which is crucial to wait for the result of these crossings to determine if the BCH pattern remains at current levels throughout the month of August.

The Stochastic indicator has left the purchase zone and remains in status quo without knowing a course defined for now in the orders of altcoin.

CMF for its part has made a new bullish turn, by staying above the level of zero towards 0.20 which is indicative of the entry of more capital to the <a href="https://coinmarketcap.com/currencies/bitcoin-cash/#markets">BCH market</a>.

In conclusion, BCH is projected bearish in the short term, but with a strong tendency to recover levels of $ 400 in the medium/long term once the first half of August passes.

For now, Bitcoin Cash has developed improvements to its protocol since its fork of Bitcoin that has achieved greater adoption. This is due to its almost instantaneous ability to pay, support merchants and improved privacy that has gained traction within the community and keeps it in the Top 5 cryptocurrencies.

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Bitcoin Cash Stands Out Despite Bearish Market

I am olowoporoku adeniyi, writer, editor and crypto evangelist, with five years experience in the Blockchain industry.

Bitcoin Cash Stands Out Despite Bearish Market

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