Bitcoin Cash sees slight gains, but signs point to further bearish days ahead

The ebbs and flows of the crypto market press on, as many of the top-20 cryptocurrencies by market cap are seeing green today, according to data from Messari.

Bitcoin, for example, crossed the $8,200 temporarily, reaching the $8,204 per coin mark—a small increase of just 0.5 percent. Ethereum is currently trading at around $177 per token, nearly $5 per ETH increase from where it stood just 24 hours ago. XRP, meanwhile, remains more or less steady at around 25 cents per coin.

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Bitcoin Cash (BCH), Bitcoin’s “little brother,” if you will, is currently trading at around the $223 mark, an increase of just more than 2 percent over the last day. While this is good news for BCH holders, the currency lost quite a bit in value thanks to last week’s bloodbath. At that time, Bitcoin Cash was selling for more than $300 per coin. 

Meanwhile, technical charts suggest that Bitcoin Cash remains vulnerable to further bearish activity, according to FXStreet. The crypto is currently moving through a “bearish pennant structure,” though this could be the good news for day traders, as pennant structures can sometimes signify short-term results

The coin has nevertheless struggled to find support above the $250 per coin line, so if you’re into reading the tea leaves, it could be a while longer before Bitcoin Cash regains the losses incurred over the last week.

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