• Fri. Jul 12th, 2024

Here’s What to Expect From Bitcoin Cash (BCH) in the Next 2 Days

Christian Klausen

ByChristian Klausen

Oct 2, 2021

Bitcoin Cash (BCH) seems to challenge vital price zones following a rebound from its support at $470. For now, investors can anticipate a cross between the four-hour 20 and 50 Simple Moving Averages, favoring bulls with more buy signals.

If Bitcoin Cash produces a close beyond $550, it will cancel selling activities. With that, BCH can develop a footing for the next massive rally. While writing this article, Bitcoin Cash trades at $542 after gaining 7% since yesterday.

BCH Four-Hour Chart

Analysts used the FIB retracement to determine Bitcoin Cash’s plunge from $800 towards swing low at $471 to tell a likely reversal area. A close beyond the 23.6% FIB level can help the altcoin overcome selling pressure to aim at $600. From here, another 6% surge is possible if the 200 Simple Moving Average fails to halt the coin’s uptrend. That accounts for a 17% uptick from BCH’s current value.

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If the asset fails to gather strength to break past its immediate challenge at $550, investors can expect Bitcoin Cash to retest the support level at $520. The confluence around the 20 and 50 Simple Moving Averages might also cushion any counteractions by sellers. If Bitcoin Cash revisits the price levels around $470, a triple bottom can propel upticks.

Reasoning

At the moment, the Relative Strength Index stays in the overbought territory, presenting a short-term challenge. However, analysts predict an upsurge beyond this top-level if the index maintains beyond 60. Meanwhile, the Moving Average Convergence Divergence has to prevent a bearish cross. That way, it can preserve an upswing pressure in the crypto market. The DMI (Directional Movement Index) decreased the chances of a sudden reversal provided the +DI maintain beyond –DI.

Conclusion

For now, Bitcoin Cash has a probability of moving slightly under the 23.6% FIB level before trying an upswing. With that, the RSI can stabilize as it awaits another bull cycle. Buyers can capitalize on the asset movements, pressing past $600. At the same time, bulls can challenge the 50% FIB level. However, these are speculations, research before investing.

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Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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