Our Bitcoin Cash price prediction is looking bullish once again as the price has shown tremendous recovery within the last two weeks. BCH price is now trading at $161 after marking the lows of $95.2 earlier in the month. This translates into a 69% price increase within just 17 days.
Most cryptocurrencies immediately turned green earlier this week after the conclusion of the FOMC meeting. The bullish price action suggested that the traders shrugged off the 75 basis point rate hike. Consequently, the markets enjoy the first significant relief rally since the Bitcoin price tagged $17,600 in June.
According to Bitcoin Cash news today, the fork’s market cap has exceeded $3 billion once again. There is also an increase in it trading volume on all major exchanges. Nevertheless, many analysts still retain their medium-term bearish outlook for BCH price prediction.
If you’re wondering ‘What is Bitcoin Cash?’ then you must know that it is a Bitcoin fork that occurred in 2017. After months of debates over Bitcoin Cash, the current Bitcoin chain emerged as the most dominant blockchain.
Bitcoin Cash Price Prediction
Performing technical analysis on the BCH price chart, we see that the price has broken out of the downtrend on the daily timeframe. This breakout was also confirmed this week as the price tagged $118.9. First, however, the coin needs to reclaim the $165 level to aim further upside. This level coincides with the 0.236 Fib retracement level and a previous pivot. Therefore, reclaiming this level might validate our Bitcoin Cash price prediction of $209.
The $209 target also comes from the Fib retracement tool, which coincides with the 0.382 Fib level. Since BCH follow the BTC price action most of the time, stability in the latter’s price action is critical. If BTC reverses from here, most altcoins are expected to follow the bearish move.
BCH USD Daily Chart
InvestingCube’s Premium S&R Indicator
If you are trading in these tough conditions, then InvestingCube’s Premium S&R Indicator might be very handy for you. This indicator keeps you updated on all the possible trade setups in real-time.
Currently, the indicator is into a long trade targeting $165. This is the same level which we’ve mentioned in our Bitcoin Cash analysis. A reclaim of this level would give the bulls enough momentum to target $200 in the short term.
