In our previous prediction article, we labeled Bitcoin Cash (BCH) as probably the most underperforming top altcoin, which, nonetheless, manages to maintain the 5th position in the global ranking, thanks to the respectable market capitalization of $4,8 billion and the average daily trading volume of $2.8 billion - a two-fold increase from the September showings.
YTD Bitcoin Cash chart
As of the time of writing, BCH’s value stands at $261.76 after the bullish day that brought it 3.6% to the upside. Bitcoin Cash spent the month on a positive note, having gained $13.44% against USD, went 6% to the upside in the BTC pair, and even outperformed ETH by 11%. Not bad for a coin whose progress has been stopped in its tracks during the selloffs in March and September. But now, after the disappointing V-shaped reversal from this year’s high at $325, and the subsequent revisit to $200, Bitcoin Cash is engaged in arguably the strongest bull rally since the one that occurred in July.
The weekly time frame shows how vigorously the bulls that have been defending the price level between $215 and $223, which we have established to be the strong support area that remains relevant for many months.
1-week BCH/USDT chart
Last week marked a strong start to the presumed bull rally with a big engulfing candle that took out the month-worth of price action and got proper confirmation in the form of buying volume that also exceeded the one seen during the previous four weeks. Those who went long on BCH at last week’s close could have already scooped a 9% profit as the price kept pushing to the upside in the direction of the multi-month resistance line at $267 that also serves as the upper line of the long-standing consolidation channel.
In addition, that particular level of resistance coincides perfectly with the upper line of Bollinger Bands that reinforces our conviction that Bitcoin Cash will encounter a tangible rejection once the price tests $300. But we also take into account the reasonably high probability of the price attempting a breakout above that level if the buyers ensure the substantial bullish volume over the next three to four weeks.
You can see that both the 14-period RSI and the Accumulation/Distribution indicators are bullish on this time frame, which means that the ongoing bullish momentum is being supported by the corresponding volume, thus giving even more weight to the breakout expectations.
1-day BCH/USDT chart
The daily time frame gives us an even clearer understanding of BCH’s bullishness as the price has already made its way above both 50 and 200 EMAs. Should Bitcoin Cash confirm the 200 EMA as temporary support, the break through $266, and the subsequent push to $300, would constitute the most probable price action scenario. Judging from the presence of a massive cluster of buying volume, and the fact that MACD didn’t get rejected at the zero and kept on traveling to the upside, the resistance at $266 won’t stand.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||64%||72||$61 393.62||1.16%||0.83%||$1 157 410 091 263|
|2||ETH||Ethereum predictions||71.6%||55||$4 171.66||5.07%||8.92%||$492 462 196 227|
|3||BNB||Binance Coin predictions||73.2%||57||$485.63||1.44%||4.21%||$81 003 906 943|
|4||ADA||Cardano predictions||91.2%||14||$2.17||0.55%||-0.57%||$71 272 162 809|
|5||USDT||Tether predictions||95.2%||1||$1.000858||0.10%||0.08%||$69 633 809 415|
|6||SOL||Solana predictions||70.4%||52||$197.70||0.65%||25.50%||$59 473 993 983|
|7||XRP||XRP predictions||76%||49||$1.094497||0.56%||-3.58%||$51 382 650 889|
|8||DOT||Polkadot predictions||60.4%||77||$44.05||1.38%||5.54%||$43 502 840 639|
|9||DOGE||Dogecoin predictions||72%||56||$0.251733||3.08%||6.09%||$33 181 970 119|
|10||USDC||USD Coin predictions||92.4%||1||$1.001199||0.09%||0.12%||$32 582 792 876|
|11||LUNA||Terra predictions||70.4%||62||$43.19||-0.98%||18.00%||$17 337 793 703|
|12||UNI||UniSwap predictions||77.2%||42||$26.81||4.59%||-0.80%||$16 400 871 282|
|13||LINK||Chainlink predictions||77.6%||48||$31.43||9.66%||15.36%||$14 490 192 645|
|14||AVAX||Avalanche predictions||68%||61||$65.44||-0.09%||13.84%||$14 415 133 233|
|15||WBTC||Wrapped Bitcoin predictions||64.8%||71||$61 406.63||1.11%||0.83%||$13 619 540 827|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2021 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.