Our Bitcoin Cash price prediction is still bullish, as indicated in last week’s article. Currently, the price is retracing due to a correction in the BTC price. The short-term price outlook will likely stay bullish as long as the price holds the $110 level. At the time of writing, BCH price is trading at $134 and has lost 4.4% since yesterday.
Most altcoins are facing a pullback as the Bitcoin price is correcting after a rejection from $23,500. BCH is also correcting after running into resistance at $165 price level. The daily trading volume is also down from last week.
Bitcoin Cash price is 96.7% down from its 2017 high. Despite an unprecedented BTC bull run last year, BCH failed to gain much traction. Consequently, the cryptocurrency has now slid to the 32nd rank by its market cap. The coin was once valued at 0.25 BTC in November 2017, but it is now trading at only $0.006 BTC.
According to Bitcoin Cash news, Japan will have crypto ATMs again. These Gaia BTMs would support BCH, BTC, ETH and LTC.
Bitcoin Cash Price Prediction
The BCH USD chart’s technical analysis shows a falling wedge formation followed by a huge breakout. If it gets confirmed, this breakout can potentially send the price to stellar. In such a scenario, bulls might target the $200 level in the short term and the $279 level. The $110 price level might act as a line in the sand. A breach of this level would mark a lower low on the higher timeframe.
It is also worth mentioning that the above Bitcoin Cash price prediction needs the BTC price to remain stable. If Bitcoin makes lower lows, then similar price action is expected from BCH.
Bitcoin Cash Daily Chart
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