Bitcoin Cash, along with all forks of Bitcoin, has had a splendid rally over the period of the last seven days, which saw its inception on January 3, plotting higher with every single day, until it reached its current peak at $406.
Some traders participated in this rally to the fullest extent, while others had to jump on the coattails of price action. But nevertheless, the last week has been incredibly profitable for those who followed the trend and managed their risks properly.
However, it does seem like the rally is running to its conclusion as most coins, including Bitcoin Cash, have begun losing momentum.
As of the time of writing, Bitcoin Cash shows 28% gains from last week, but the bears appear to be trying to regain control, at least for a while. On the 6-hour BCH/USDT chart, the price has formed a bullish flag, which is a continuation pattern, signifying that the price could now go either way.
6-hour BCH/USDT chart
The trading volume also can’t tell much of a story here since it has been consistent throughout the last couple of days, with bulls and bears appear to be in a clinch. The best way to act in this situation would be to place a stop-loss in the area around $307 and go to a smaller time frame in order to be able to understand the context of the current price struggle.
On the 1-hour time frame, Bitcoin Cash has retraced decisively from the local high of $405.86 and is now approaching a firm resistance level at $315 at full speed.
1 hour BCH/USDT chart
But before that, BCH would have to beat a weaker resistance at $333, which has so far been penetrated only by a lower wick of a green candle with a tiny body that formed along with a relatively high volume, therefore can be disregarded as a signal for reversal. However, the coin is currently at around 40 on the 14-day RSI, which indicates that it approaches the oversold territory that hints at the upside move.
On that very same time frame, the price has crossed the 7-day moving average to the downside while still trading above the 99-day MA. The 7-day MA has crossed the 25-day MA downward, which would be interpreted as a signal for a sell.
1-hour BCH/USDT chart
If BCH breaks through the 99-day moving average, it would mean a significant probability of bears taking control over the price action on this short time frame.
On a 12-hour chart, though, Bitcoin Cash has just begun crossing above 7-day MA, accompanied by a relatively high volume, which opens the possibility for a further move downward, towards the resistance at $318.
12-hour BCH/USDT chart
To summarize, the entire market is in a cool-down mode after a very profitable week, which could turn into a full-blown correction at any given moment. But we shouldn’t disregard the possibility of prolongation of the bull rally, should the bulls be able to withstand the current pressure from the bears. Now is definitely not the time for making big moves or opening long positions - just make sure that the stop-losses are in place and monitor the price action that will take place over the next few days.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 76% | 42 | $70 171.16 | -1.77% | 11.72% | $1 380 088 680 972 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 71.2% | 50 | $3 546.10 | -1.56% | 7.59% | $425 782 312 228 | ||
3 | USDT | Tether predictions | 94% | 1 | $1.000248 | 0.01% | 0.04% | $104 530 236 404 | ||
4 | BNB | Binance Coin predictions | 60% | 80 | $616.36 | 5.02% | 13.18% | $92 168 846 968 | ||
5 | SOL | Solana predictions | 58.8% | 88 | $189.14 | 0.16% | 12.08% | $84 055 265 074 | ||
6 | XRP | XRP predictions | 81.2% | 28 | $0.636919 | 2.07% | 5.16% | $34 956 800 668 | ||
7 | USDC | USD Coin predictions | 94% | 2 | $1.000145 | 0.01% | 0.02% | $32 526 874 714 | ||
8 | DOGE | Dogecoin predictions | 67.2% | 66 | $0.215397 | -1.69% | 47.30% | $30 945 208 500 | ||
9 | ADA | Cardano predictions | 65.6% | 66 | $0.665318 | 1.36% | 9.67% | $23 674 997 116 | ||
10 | AVAX | Avalanche predictions | 57.6% | 87 | $53.96 | -1.54% | 1.41% | $20 367 154 316 | ||
11 | SHIB | SHIBA INU predictions | 58.8% | 94 | $0.000031 | -3.69% | 18.78% | $18 204 426 308 | ||
12 | TON | Toncoin predictions | 58% | 86 | $5.13 | 1.21% | 22.84% | $17 789 214 110 | ||
13 | DOT | Polkadot predictions | 75.6% | 49 | $9.75 | 1.79% | 10.88% | $13 922 325 263 | ||
14 | BCH | Bitcoin Cash predictions | 72.8% | 57 | $614.40 | 8.07% | 54.65% | $12 093 090 262 | ||
15 | LINK | Chainlink predictions | 75.2% | 42 | $19.21 | -0.90% | 10.53% | $11 280 482 429 |
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.