Is There Any Hope For BCH?

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Our Bit­coin Cash price pre­dic­tion is still bear­ish as the coin has failed to show any strength. BCH price appears to be in a con­stant down­trend, mak­ing new lows every week. While many alt­coins have found short-term sup­port, Bit­coin Cash is still strug­gling to stay above $100. Nev­er­the­less, at the time of writ­ing, the price is trad­ing at $103.25, which is still 87% down from last year’s high of $785.

Most alt­coins have shown bear­ish price action this week, after the release of record-break­ing CPI num­bers. The mar­kets react­ed to the high­est infla­tion in 4 decades imme­di­ate­ly as the Bit­coin price fell below $20,000. Bit­coin Cash price also tagged the lows of $95.15 as the infla­tion-induced pan­ic sell­ing inten­si­fied. Nev­er­the­less, the prices are recov­er­ing now as BTC is trad­ing above $20,000 once again.

Accord­ing to Bit­coin Cash news, Mt. GOX is still hold­ing 142,846 BCH, which could be soon returned to the cred­i­tors. Ana­lysts fear the sud­den dis­burse­ment of Bit­coin Cash and Bit­coin to Mt. Gox cred­i­tors could tank the whole cryp­to mar­ket. Mt. Gox was a Japan­ese exchange that lost 850,000 Bit­coin in hacks back in the day. The Bit­coin vs Bit­coin Cash debate is no longer a hot top­ic as the for­mer has strength­ened its place as the biggest cryptocurrency.

Bitcoin Cash Price Prediction

Tech­ni­cal analy­sis of the BCH price chart depicts that the price has formed a falling wedge pat­tern. Such pat­terns are bull­ish pat­terns but only in case of con­firmed break­outs. There­fore, if Bit­coin Cash price breaks out of this pat­tern, then the price could soar to $209 very soon.

This lev­el aligns with the 0.382 Fib retrace­ment lev­el when con­nect­ing April 2022 high to the June 2022 low. On the oth­er hand, if BCH makes a low­er low, then the price is expect­ed to retest its all-time low price of $73. Both of these Bit­coin Cash price pre­dic­tions depend on the Bit­coin price action.

BCH USD 4H Chart

Technical analysis of Bitcoin Cash price chart (4H).
Bit­coin Cash Price Chart (4H)

InvestingCube S&R Levels

It is always help­ful to have good indi­ca­tors in your trad­ing arse­nal if you’re trad­ing in these chop­py mar­ket con­di­tions. One such indi­ca­tor is InvestingCube’s Pre­mi­um S&R Lev­els. This indi­ca­tor gen­er­ates real-time noti­fi­ca­tion when­ev­er there is a poten­tial trade set­up. There­fore, sub­scrib­ing is high­ly rec­om­mend­ed, espe­cial­ly if you’re trad­ing Bit­coin Cash.

At the moment, the indi­ca­tor is wait­ing for a break­out on BCH chart. There is a poten­tial short set­up if the price dips below $95, which aligns with our BCH price pre­dic­tion. There is also a long set­up if the price breaks above $113. You can buy Bit­coin Cash on exchanges like Binance, Kucoion and BYBIT.

Invest­ingCube S&R Levels



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