Ever since the notorious market crash in March, Bitcoin Cash (BCH) has never been the same jolly gainer it was during the first quarter of the year. Once the price dived from $493 - this year’s high - traders saw only a single bull rally that’s worthy of attention. For the remainder of the time, the price has been oscillating between the support at $215 and the horizontal channel’s resistance at $270.
YTD BCH chart
As a result, BCH’s performance throughout the past year has been underwhelming for a top-ranked altcoin, much like the ones of Ripple (XRP) and Litecoin (LTC). Therefore, if you want to buy Bitcoin Cash for the investment portfolio - think twice because it has a negative return on investment showings on a macro level. Over the past year, BCH has recorded the following results in three major markets:
Remains incarcerated inside the horizontal channel
But while large players are obviously not very eager to buy Bitcoin Cash en masse, its current market structure on the monthly chart provides for a nice 20% trading range with long-established levels of support and resistance.
1-month BCH/USDT chart
The current situation on this time frame dictates that the price is attempting a breakout to the upside above the resistance at $270, evidently aiming at the broader resistance level at $305, passing which might lead to a fast break to $375. However, if BCH gets rejected at $267, a predicted drop to $220 is likely to happen.
Key price levels:
The weekly time frame actually shows that Bitcoin Cash is already being rejected at $270, with the bearish candle engulfing the previous two weekly candles, thus flashing a mild BCH trading signal to sell, with the buy-back target either at$ 240 (conservative) or $225 - $215 (riskier).
1-week BCH/USDT chart
Stochastic doesn’t display a lot of eagerness to rise about the neutral zone, staying right at 50 with a slight inclination to the bearish side. The fate of the resistance at $270 is hanging in the balance because the previous weekly candle shows that the buyers have had enough power to reclaim $$268, but that push could have led to their exhaustion. This increases the possibility of a quick slide to $240 in the next two to three weeks.
On the daily time frame, the Ichimoku Cloud indicator offers confirmation of a mighty strong resistance that stands between $270 and $280 as the red Kumo cloud nearly takes up the entire space.
1-day BCH/USDT chart
The lagging span of this indicator reveals that the price is forming a descending triangle pattern. Given the current situation, that pattern has a high likelihood of being resolved to the downside.
Key price levels:
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 90.4% | 13 | $61 288.67 | 0.51% | -3.85% | $1 207 229 665 515 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 86% | 18 | $2 923.35 | 0.07% | -6.85% | $351 127 666 884 | ||
3 | USDT | Tether predictions | 95.2% | 1 | $0.999626 | -0.01% | -0.05% | $110 798 570 883 | ||
4 | BNB | Binance Coin predictions | 85.6% | 15 | $597.54 | 0.62% | 0.88% | $88 189 748 189 | ||
5 | SOL | Solana predictions | 84.4% | 29 | $144.75 | -0.85% | -0.43% | $64 924 207 486 | ||
6 | USDC | USD Coin predictions | 90.8% | 1 | $0.999932 | -0.01% | -0.01% | $33 126 122 617 | ||
7 | XRP | XRP predictions | 89.6% | 13 | $0.500578 | -1.27% | -5.50% | $27 711 575 050 | ||
8 | TON | Toncoin predictions | 76% | 50 | $6.92 | 1.23% | 17.97% | $24 056 635 337 | ||
9 | DOGE | Dogecoin predictions | 78.4% | 32 | $0.141100 | -2.15% | -12.23% | $20 355 684 317 | ||
10 | ADA | Cardano predictions | 84.8% | 16 | $0.437676 | -0.58% | -5.04% | $15 609 470 163 | ||
11 | SHIB | SHIBA INU predictions | 77.6% | 44 | $0.000022 | -1.16% | -9.29% | $13 176 616 360 | ||
12 | AVAX | Avalanche predictions | 80.4% | 31 | $33.42 | -0.92% | -10.16% | $12 749 042 298 | ||
13 | TRX | TRON predictions | 81.2% | 31 | $0.126953 | 0.08% | 5.07% | $11 105 970 427 | ||
14 | WTRX | Wrapped TRON predictions | 80.8% | 31 | $0.126644 | 0.10% | 4.48% | $11 078 928 693 | ||
15 | STETH | Lido stETH predictions | 91.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2024 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.