Sunday , January 24 2021

Bitcoin cash price analysis: January 1st



Bitcoin Cash holds up better than most altcoins on the market, and BCH is still in the top 10 rankings of CoinMarketCap. Although it yielded slow yields of only 42% in 2020, BCH does not see a crazy drop in prices, except in March.

With most bull ecosystems, we can expect Bitcoin Cash to continue its slow but steady growth in the future.

Bitcoin Cash 1-week chart

Source: BCHUSD on TradingView

The one-week chart for BCH showed that Bitcoin Cash is still in a rounded pattern, the one that has stretched since June 2019. However, like most markets, whether it is Bitcoin, Ethereum or any other crypto, Bitcoin Cash also seemed overbought. This seemed to imply that the retracement was far behind the BCH price scales.

This short-term retracement was the only factor that prevented Bitcoin Cash from skyrocketing. In this short-term retracement, we can expect Bitcoin Cash to move towards its average support of $ 309. We can say that it completely returns to the rounded bottom model. In all cases, we can expect a drop between 10 and 20%.

Outside of this retracement, Bitcoin Cash still looked pretty good for a long time. The RSI indicator on the weekly chart was close to the overbought zone, but did not hit or cross it.

The OBV indicator highlighted indecision. Indicates an upcoming short-term retracement. Maybe, earlier than expected.

The stochastic RSI shows that BCH had a chance to jump. However, the stochastic RSI signals overbought and multiple attempts at bear crosses.

Conclusion

If someone opts for a long-term BCH, the input / output positions will be shown in the chart above. Still, it would be best to wait here. Indeed, we can expect a drop in BCH. Developments that could coincide with an overall decline in the market, including Bitcoin. Desire after withdrawal would yield a better yield. It will be much safer than it is now.

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