Even though a large part of the crypto coin market is moving up, Bitcoin Cash doesn’t manage to wake up strongly.
While some crypto-currencies are already reaching historical highs, and others are heading towards the same destination, Bitcoin Rush still hasn’t managed to wake up to the same positivity as its peers.
BCH is involved in a strong downward trend in the medium and long term that it can’t challenge at the moment.
Since its birth, this crypto currency hasn’t stopped falling. And although the market is getting greedy, we still don’t see a relevant jump from this participant.
Here’s a technical analysis of Bitcoin Cash to predict where it’s headed.
This is how the TOP 3 of the crypto market behaves
Bitcoin Cash Medium-Term Trend
When we look at the weekly BCH vs. USD chart, we notice that the price has been locked in since late 2019 in a large symmetrical triangle, a chartist figure that usually indicates rest for a later continuation of the previous trend.
However, the price could well escape through the top of this formation, and start giving upward signals.
Knowing how well Bitcoin Cash is still positioned in the ecosystem, it’s still likely that it will manage to wake up to the upside, following the behavior of its peers, mainly its parent, 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 isn’t breached, the medium-term downtrend will remain intact.
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On the daily chart, the behavior is clearly bullish, quickly identified with continuous lows and highs.
Currently the short term trend is developing a momentum, which will have as an immediate obstacle the barrier at $349.50. Overcoming it will leave the ground clear to the $405 level.
Even the fact that Bitcoin Cash doesn’t wake up strong enough, makes predicting its price quite difficult, beyond saying the favorable probability of a search for the nearby resistances it indicates.
This is because when we look at the behavior from the weekly chart, we notice that the entire current year and part of the previous year has been accumulating a lot of consolidation.
The current moment is key. In a matter of a few days/weeks we could be knowing with enough probability 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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