The Bitcoin Cash Price surged more than 150% in a very short span of two weeks in July 2023. The price hiked breaking above a long consolidation of almost 1 year. The hike in price shifted its long-term trend to bullish.
However, the price could not continue with the momentum and was unable to surpass the level of $300 from where sellers took control of the game and the price declined. The price then gained momentum toward the downside after forming a bearish price action.
Bitcoin Cash (BCH) is a fork of Bitcoin, the first and most valuable cryptocurrency. BCH developers changed the BTC code in 2017 to create a new blockchain and a rival product. BCH was born from a dispute over Bitcoin scaling and the SegWit upgrade. Another split happened in 2018, creating Bitcoin ABC and Bitcoin SV from BCH.
Bitcoin Cash Price Prediction Using Price Action Strategy
Recently, the price tried to sustain above the 50 EMA and the buyers tried but the lack of buying volume could not defend the level of $200 and the price made a sharp decline after breaking below the $200 level, currently trading at $184.8.
The analysts observe that the price may decline more as the bears have taken control of the game. As of now the last defending zone for the buyers is 200 EMA from where buyers might get active and halt the declining price. The failure of which may resume the declination of the price.
Also, the volume analysis shows that the volume received is less than the average volume indicating the weakness in the market. The BCH token has received a $181.687 Million volume in the past 24 hours which is nearly 38.1% less than the past day. The price may keep correcting until it gets enough buyers to surpass the upper supply zone.
BCH Price Forecast from Indicators’ point of view
As per the EMA analysis, the BCH price could not sustain above the 50 EMA indicating the lack of buyers at the lower levels. The price is trading above the 200 EMA which may be the last hope of buyers to get into the market and lift the price again.
At the time of publishing, the RSI value of the BCH token is 27.33 and that of the SMA line is 36.85. RSI is declining suffering rejections from the SMA line indicating the weakness in the market.
MACD lines have made a bearish crossover. Also, Histogram bars are being formed below the mean line with increasing height indicating bears dominating the market.
Conclusion
Bitcoin Cash price prediction concludes that the price hiked by more than 150% in two weeks in July 2023, but failed to cross $300. The price fell after a bearish pattern and broke below $200, trading at $184.8. Analysts say that the price may drop more as the bears dominate the market. The last support is 200 EMA, where buyers may try to halt the fall. The volume is low, showing market weakness. The price needs more buyers to break above the upper resistance.
Technical Levels
- Support levels: $172.01 and $138.29.
- Resistance levels: $232.91 and $305.5.
