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Bitcoin’s scalable cousin suffered badly from May’s crypto crash — is now a buying opportunity?

Bitcoin Cash (BCH) hard-forked from Bitcoin in 2017 amidst concerns over the latter’s scalability potential. It functions as a peer-to-peer digital cash which aims to become a commonly-used mode of payment for online and offline merchant transactions, across the world.

Last month’s massive crypto crash brought BCH down from a high of $1670 on May 12 to a low of $440 on May 19. At the time of writing, it is consolidating well, looking for its next rebound upwards.

Here’s a quick overview of BCH’s recent and ongoing price movements to help you make a well-informed estimation of its price by June’s end.

Bitcoin Cash Price Analysis

As mentioned earlier, BCH was trading at $584. Looking at the BCH/USD price chart, it is fairly evident that the crypto has been witnessing a constant bull-bear tug of war since May 20th, coiling into a triangular pattern, seeking its next big push.

It started the month well, looking good to break out from the Fibonacci resistance level of $786 on June 3. However, Elon Musk’s late night tweet on the same day, about having lost interest in Bitcoin, got the bears into action. Resultantly, BCH breached support near $710 and found lows of $635 and $622 on June 4 and 5 respectively. BTC and BCH, having their origins in the same blockchain and based on similar fundamentals, have a fairly strong correlation with each other. Therefore, any factor that moves the BTC price, is bound to impact BCH too, in the same way.

BCH/USD Daily Chart. Source: TradingView

BTC, as well as BCH, responded mildly to the mixed economic data emerging

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currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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