Bitcoin Cash [BCH] Technical Analysis and Price Prediction 2018, 2020
While the broader cryptocurrency market is battling bearish trends, Bitcoin Cash [BCH] in particular is faring really badly in Wednesday’s session. The coin has dropped to its lowest levels since late October and seems unlikely to recover soon. The virtual currency, which has been exhibiting a downtrend since last week, has seen its value drop a whopping 34.3 percent against the U.S. dollar in the last seven days.
Bitcoin Cash earlier breached a key support level, noted at $434.1, after which it has continued its steady descent. The crypto is facing resistance at $441.5, but is unlikely to experience a breakout any time soon. Prevailing selling pressures are threatening to drag the digital asset’s price below the $410 mark.
At the time of writing, the 100 EMA line showed that the coin was in a downtrend. The MACD indicated that the digital currency was experiencing strong bearish momentum. The hourly RSI indicator is at 22.5, which shows that the crypto is being oversold. BCH is currently exhibiting a significant trading range of $410-$439.9. As of 0839 GMT, the virtual currency had slumped 11.4 percent against the U.S. dollar to trade at $417.36.
Bitcoin Cash, at the time of writing, slid 10.1 percent against BTC. At present, one BCH is equivalent to around 0.06683 BTC.
Bitcoin Cash [BCH] Price Prediction 2018, 2020
- According to Smartereum, the altcoin will likely trade at around $6,700 in one year, while the five-year forecast is set at around $24,600.
- Tradingbeasts expects the crypto to reach $1,930-$2,838 by the end of this year. Profitconfidential, on the other hand, expects the digital asset to rise to as high as $7,000 by the end of this year.
- Longforecast has predicted that BCH will end the year at $412 and hit $1,150 by the end of 2020.
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