While some cryptocurrencies are already hitting all-time highs, and others are heading towards the same destination, Bitcoin Cash has yet to wake up with as much positivity as its peers.
BCH is involved in a strong medium and long-term downtrend that it cannot challenge at the moment.
Since its inception, this cryptocurrency has not stopped falling. And even though the market is filling with greed, we still don’t see a relevant jump from this entrant.
Let’s look at a technical analysis of Bitcoin Cash below to forecast where it is headed.
When we look at the weekly chart of BCH vs USD, we notice that the price has been locked since the end of 2019 in a large symmetrical triangle, a chart figure that generally indicates rest for a subsequent continuation of the previous trend.
However, the price may well escape the top of this formation, and start to show bullish signals.
Knowing the good position that Bitcoin Cash still has in the ecosystem, it is still likely that it will manage to wake up to the upside, following the behavior of its peers, mainly its progenitor, Bitcoin.
Currently the price is challenging an immediate resistance at $ 308.43, crossing it would give the first sign of a bullish escape, but as long as the barrier at $ 474.76 is not violated, the downtrend in the medium term will remain intact.
Short term trend
On the daily chart, the behavior is clearly bullish, quickly identified with continuous lows and higher and higher.
Currently the short-term trend is developing momentum, which will have as an immediate obstacle the barrier at $ 349.50. Exceeding it will leave the ground clear up to $ 405.
Even the fact that Bitcoin Cash does not manage to wake up strongly, makes forecasting its price quite difficult, beyond saying the favorable probability of a search for the nearby resistance that it indicates.
This is so because when we observe the behavior from the weekly chart, we notice that the entire current year and part of the previous one has accumulated a great consolidation.
The current moment is key. In a matter of a few days / weeks we could be knowing with a good chance of success where the next strong movement of BCH will be. For now we must continue monitoring, from here we will be informing you.
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