Bitcoin Cash (BITTREX: BCH) as per the weekly data, has significantly increased over the past four weeks. The price of BCH increased by 260% in just two weeks and demonstrated upward growth.
The BCH price reached a high of $1638.5 in May 2021 before falling by about 94%. This was a significant loss for BCH and the price lost a significant amount of volume. Following the decline, BCH price found support at $92.52 and began ranging with $166.4 acting as its resistance. BCH price has been consolidating in the range for the past year after forming a parallel channel pattern.
The Bitcoin Cash (BCH) price has broken out of the range with high volume and it has made a significant comeback. The overall trend of BCH has shifted due to this rise, and it is currently on an uptrend.
As of now, the price of BCH is currently showing a sign of retracement but the overall trend of the coin is in an uptrend direction.
EMA
Based on the current market situation, the Bitcoin Cash price prediction for the weekly time frame price is trading above the 20 and 50-day EMAs. Also, the 20-day and 50-day EMA has produced a positive crossover. This indicates that the price is in an uptrend direction and the chances of the price going up are higher.
MACD line the BCH coin is trading above the Signal Line. This is a positive point for the BCH coin and the price is highly likely to move in the upward direction in the near future.
Bitcoin Cash (BITTREX: BCH) has overcome a significant resistance level and created a positive structure. Additionally, the indicators, such as the RSI, MACD, and 20, 50-day exponential moving average are giving positive signals, showing that traders are optimistic about BCH and that there is healthy volume in the market. It is clear from all of these factors that BCH is very potent and that it will trade at a greater level in the next few days.
Support – The current support level of Bitcoin Cash (BCH) is $166.486.
Resistance -The current resistance level of Bitcoin Cash (BCH) is $401.295.
The thoughts and opinions expressed by the author or anyone else named in this article are solely for informational purposes. They don’t offer any advice of any kind, be it financial, investment, or otherwise. The possibility of losing money exists when buying, selling, or investing in cryptocurrencies.
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