Bitcoin Cash Price Prediction: BCH Spiked 260% In Two Weeks

• BCH is currently trading at a price level of $278.49.
• The current market capital of BCH is trading at $5,359,976,048.
• Bitcoin Cash has advanced by +82% in the last week.

As per the weekly chart, the Bitcoin Cash price gave a huge spike in the last two weeks. The BCH showed upward movement and the price rise by 260% in just two weeks. 

In May 2021, the Bitcoin Cash price made a high of $1638.5 and after that the price showed a decline of almost 94%, it was a huge fall for the BCH and the price lost a huge volume at this stage. After the fall BCH price took support at the $92.52 level and started moving in range with the resistance of $166.4. The price made a parallel channel pattern and it has been consolidating in the range for the last year.

Now, the price has given a breakout from the range with very good volume and the price showed up a huge recovery. With this spike, the overall trend of BCH has changed and now it is in an uptrend momentum.

Bitcoin Cash (BCH) Price Prediction

EMA:

In the weekly time frame, based upon the current scenario the Bitcoin Cash price prediction is trading below the 20 and 50-day EMA, and also the EMA has given a crossover which confirms that the price of BCH is in a bullish trend. It also represents that the price is gaining some strength.

MACD:

Based on the most recent data, the MACD line for the BCH is placed at 21.3 level and the signal line is at 7.3, i.e. the signal line is below the MACD line and it is a positive indication. Also, both the lines are placed above the zero line and the green histogram can be carefully seen. This represents the further strength in the price of Bitcoin cash (BCH) and the price can touch new levels in the upcoming days.

Conclusion

The Bitcoin Cash price has recently broken through a critical resistance level and formed a very reliable higher high structure. Additionally, the most commonly used indicators such as the 20,50-day exponential moving average, RSI, and MACD are displaying positive signals, indicating that traders are confident in the BCH and that there is good volume in the market. Considering all of these considerations, it is apparent that the BCH is extremely powerful and that it will trade at a higher level in the future days. 

Technical Levels:

Support – The current support position of Bitcoin Cash (BCH) is at $166.486.

Resistance -The current resistance position of Bitcoin Cash (BCH) is $401.295.

Disclaimer

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.