BCH is Bullish | Right Time to Start Investing in Bitcoin Cash?
Bitcoin is the most popular cryptocurrency. It handles thousands of transactions per minute, but it has been getting slower, increasing transaction costs.
Bitcoin Cash was created to solve this problem. It was released in August 2017 and provided good returns to its investors.
It is also based on blockchain technology, and no one can change the system unless most users agree to do so. Moreover, it comes with the same amount of coins as 21 Million.
Like Bitcoin, the best part is that people can use Bitcoin Cash as a payment system, and you can send and receive cash on the system.
Want to buy Bitcoin Cash? Let’s dive into the price chart of BCH to know more.
At the time of writing this post, BCH is on its support level of around $467.71. After looking at the trendline on the chart, it is a strong support level of this coin. In this year, it has bounced back from this level almost seven times.
Will it bounce up again? Let’s analyze the technical tools to find out the answer. However, please remember that it has a strong resistance level at around $700.
The MACD is making a bullish signal; RSI is also good, around 43. The MACD+RSI combination is showing it as a good time to buy.
Bollinger Band is neutral with less volatility, which does not signify bullishness. Moving Average is also following the trend and reflecting a neutral sign.
On the daily chart, technical tools are showing a neutral signal; it is hard to assume the direction of the coin.
However, on the weekly chart, it is bearish. The MACD, BB, and Moving Average are showing bearish momentum. The last two weekly candlesticks are green but formed in the lower half of the Band.
Indeed BCH is a popular cryptocurrency and has the potential to grow like BTC, but it is hard to figure out the direction now. It has been in a consolidation phase for the last three years. Though it provides good returns, it failed to match the investors’ expectations. Experts are expecting a similar rally like BTC.
If you are interested in this coin and want to invest for a long time, then it is the right time to start your journey. Please note the resistance level of $680. You can invest in swing trading if not for the long term, and experts recommend it for the long term if it breaks the level of $900.