Bitcoin cash is a native coin of the Bitcoin cash network that came to be as a result of the Bitcoin hard-fork and whose transaction can take place from one smart contract address to another without involvement of a third party . On Bitcoin cash network which uses a proof of work consensus, different dapps can be built over there with the Bitcoin cash coin being used to pay for transaction costs of those dapps as well as to create and issue the tokens of those dapps on the Bitcoin cash network. On Monday the 6th of April, one Bitcoin cash started trading at around USD$236. By Tuesday the same week, the price had managed to go as high as $262 but slightly dropped to $246 on Wednesday. The same Wednesday, the price again rises to $277. This increase in price has been due to the number of Bitcoin cash sellers being more than Bitcoin cash buyers. This traders behaviour in market for Bitcoin cash can further be explained as follows;
Traders behaviour
Having gone through the hard-fork from Bitcoin, Bitcoin cash was able to have huge community members. Because of this, it can easily be traded in an upwards and downwards direction. Therefore, we can say that when the Bitcoin cash is moving upwards, that will be an indication that sellers are more than buyers while when the market is moving downwards, that will be an indication that the buyers are more than sellers. Furthermore, since the Bitcoin cash market was able to show a possibility of bullish movement on Monday, we can therefore explain its weekly bullish market behaviour based on traders behaviour as follows;
1.Weekly Bitcoin cash price analysis based on traders behaviour
In a bullish market, the Bitcoin cash will be moving in an upwards direction. On Monday the 6th of April , the Bitcoin cash market was able to show the possibility of moving upwards where it started trading at around $236. By Tuesday the same week, the price had managed to go as high as $262 followed by another rise of $277 on Wednesday . This increase in price has been as a result of the number of sellers being more than buyers thus causing the market to gain an upward market pressure. This is indicated as from the candlesticks chart below;
The above is the Bitcoin cash market. From the market, two points are being indicated. There is point A and point B. Before point A, the Bitcoin cash market can be seen to be trending upwards all the way to $277. This upward trend has been as a result of the number of sellers being more than buyers thus causing the market to gain an upward market pressure and moves to $277 as stated earlier. At $277, more buyers started purchasing Bitcoin cash in the hope that the market will continue moving upwards. This result to the number of buyers exceeding the number of sellers thus causing the market to shortly resist to continue moving upwards and reverse and starts moving downwards to point A at around $257. At point A, more sellers again start to sell their Bitcoin cash in the hope that the market will continue the downwards trend thus resulting to a decline on the valuation of their Bitcoin cash holding. This causes the number of Bitcoin cash selling it to exceed those buying it thus causing the market to gain an upward pressure support and moves upward to point B at above $270. If sellers will continue exceeding buyers, then the market can continue moving upwards until the end of this week. The market can go as high as $280 or $300 after which it will reverse and starts moving downwards. This is the right time to buy a given amount of Bitcoin cash at current price of around $260 and holds it until it reaches around $280 so that you sell and easily make your profit. If you had previously purchased some bitcoin cash then you can still continue holding it so that you sell at higher price of above $280
Summary
Bitcoin cash came to be as a result of Bitcoin hard-fork. Developers can develop their dapps on the Bitcoin cash network where they can also use the Bitcoin cash to create and issue the token of their dapps. Since traders are the one causing the market behaviour, we can therefore say that when the Bitcoin cash is moving upwards, that will be an indication that there is oversold market while when the Bitcoin cash is moving downwards, that will be an indication that the market is in an overbought condition. Since Monday this week, the Bitcoin cash shows the possibility of upward trend. This is the right time to buy at current market price of around $260 and hold it until it reaches $280 .Make sure to apply risk management whenever to purchase some Bitcoin cash so that whenever the market goes against you, your holding don't devalue so much.
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