Bitcoin Cash is one of the most popular cryptocurrencies in the world which also shares its name with the biggest cryptocurrency in the world. That doesn’t make it immune to the price swings experienced by most of the assets in the category. In the middle of August, the price of BCH was about $488 and we had set the target for $300, which would repeat the lows from September and October a year earlier. Because of the precipitous decline the price had been going through, we thought the chances of it hitting the mark were considerably high.
The target of $300 that we set for the price was reached in a short period of time. Although, it didn’t stop there as the price continued to plummet. In November, the price of BCH started to follow a symmetric triangle pattern. The price broke the lower line of the triangle shown in red on the graph above. This means that it could establish new long-term lows very soon. As long as the price remains below the upper line of the symmetric triangle, we maintain our negative outlook for Bitcoin Cash.