Price Analysis

Bitcoin Cash’s (BCH) Momentum Looks Bleak

Bitcoin Cash is the cryptocurrency that was created by the Fork of Bitcoin; Bitcoin Cash is considered as one of the best Blue Chips of cryptocurrencies. It has a Market Cap of 3.7 Billion and ranks number 5 on CoinMarketCap, just behind BTC, ETH, XRP, and Tether. Bitcoin Cash is traded across major crypto exchanges as BCH.

Bitcoin Cash Price Prediction

Weekly price of BCH coin has fallen below 9 days SMA (blue line), and 21 days SMA (white line), it broke the support of 61.8% Fib level at $241 and it is moving towards the 78.6% Fib Level at $169. If the prices fell below $169, then there will be a steep fall of the prices straight to the critical support of $68 and the end of this uptrend.

bitcoin cash to usd price chart
Bitcoin Cash Price Chart by TradingView

The daily price of Bitcoin Cash is currently under 9 days, 21 days, and 49 days SMA, and prices got rejected from the previous support at $241. With the Bears in full charge, daily prices might hit the weekly critical support. RSI is at 35.64, closer to the oversold region, but still more room to go lower. Stoch RSI is indicating that the momentum of the BCH price is shifting from the overbought region to downwards.

bitcoin cash value
Bitcoin Cash Price Chart

Laying Ichimoku Kinko Hyo over the above 1 Day time frame chart, the following things can be observed:

  • Daily Prices went briefly above Kumo but got rejected by the Trend line; Senkou Span A and Senkou span B couldn’t act as a strong resistance; hence, daily prices fell below Kumo (cloud).
  • TK Bearish Cross (Tenkan Sen is crossing downward to Kijun Sen) inside the Kumo; bearish signal (considered weak as it occurred inside the Kumo)
  • Prices are below Tenkan Sen and Kijun Sen; Bears in full control.
  • Chikou Sen is below the Price Candles and Kumo, Bearish.
  • The resistance provided by the Senkou Span A and Senkou span B around $240 to $250 area coincides with the weekly 61.8% Fib level and also with the trend line.
bitcoin cash to usd price prediction
Bitcoin Cash Price Chart (Ichimoku Cloud)

Bitcoin Cash price is highly correlated to the Bitcoin price movement, as can be seen in the chart given below. Since BTC can go lower towards the 78.6% Fib level due to the short squeeze by the Market Makers, there is a very high chance that the BCH price will go down together with it towards $169 or all the way back to the critical support at $68.

*Bitcoin price against USD is represented by the Orange curve.

btc vs bch price
Bitcoin Cash vs Bitcoin Price Chart
Tags

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.
Back to top button
Close