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Bitcoin Cash Price Analysis: BCH Shows Marginal Growth Of 1.80% Since Last Week

BCH coin was priced at $308.6 on 17-Aug-19. There was a sharp rise the next day, and Bitcoin Cash price reached the highest level of $326 on 19-Aug-19. The price continued to be stable at $326.3 despite the few falls on the same day. However, it was unable to maintain its efficiency at this level and started to recede. Due to the continuous falls, Bitcoin Cash reached a low of $292.7 on 21-Aug-19. From 22-Aug-19, the coin has made a comeback and has managed to get back its momentum and has been able to rise upwards and touch $314.5 today. The coin may be traded today in the range of $311 – $316.

BCH/USD Price Chart:

BCH Price Prediction
BCH Price Chart by TradingView

Current Statistics of Bitcoin Cash:

  • Market Cap of Bitcoin Cash was 5,640,890,879 USD at 06:39 UTC.
  • BCH price is trading at $314.5 at 06:39 UTC.
  • 24-hour volume is at $1,331,158,080
  • 17,964,375 BCH coins are being circulated as on 24-Aug-19.
  • BCH offers a Return on Investment of -43.48%.

BCH Price Comparison and Future Prediction:

If we compare the price of Bitcoin Cash since its lowest price when it was valued at $308.6 on 17-Aug-19 at 13:00 UTC time and the current price, the coin indicates a bullish run by 1.8%. If BCH coin continues with the same trend tomorrow, then the price may climb up to its yesterday’s high of $317. The CMF indicator also shows that the Bitcoin Cash is indicating an uptrend. BCH has huge potential in the long run. Trading on a short-term basis may not prove to be that beneficial as Bitcoin Cash is a very good investment option if being traded from a long-term perspective.

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Bitcoin (BTC/USD) forecast and analysis on February 26, 2020

Cryptocurrency Bitcoin (BTC/USD) is trading at 9607. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator stripes.

Bitcoin (BTC/USD) forecast and analysis on February 26, 2020

As part of the Bitcoin exchange rate forecast, a test of the level of 9750 is expected. Where can we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 9210. The conservative area for Bitcoin sales is located near the upper border of the Bollinger Bands indicator strip at 9980.

Bitcoin (BTC/USD) forecast and analysis on February 26, 2020

Cancellation of the option to continue the depreciation of Bitcoin will be a breakdown of the area of ​​the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of ​​10040. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin (BTC/USD) forecast and analysis on February 26, 2020 implies a test level of 9750. Further, it is expected to continue falling to the area below the level of 9210. The conservative sales area is near the area of ​​9980. The breakdown of the cryptocurrency fall option will be the breakdown of the level of 10040. In this case, we should expect continued growth.

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Bitcoin’s uncertain sentiment foreshadows red flags on the horizon

The positive optimism around Bitcoin is slowly fading at the moment. A 6.03 percent slump over the last 24-hours saw Bitcoin drop below its strong support at $9300, a level that had been strongly held since the king coin breached its resistance on 5 February.

Source: Twitter

However, the sentiment has been on a downturn over the past week as well. According to the TIE‘s 30-day average daily sentiment score, a quantified metric to measure investor expectations from the future, Bitcoin’s score has periodically dropped since hitting a high on 17 January.

Although its daily average score remained above zero, the sentiment score has been negative for a total of eight out of the past 10 days. Such data sets suggest that the bullish pressure on the short-term charts is losing its momentum.

A similar trend can be identified on Bitcoin‘s implied volatility charts as well.

Source: Skew

The implied volatility from 16 to 22 February fell periodically. Investors in the space speculated that the decreasing implied volatility would allow a period of stabilization from ta valuation point of view. However, the implied volatility witnessed a spike over the past few days, as observed in the chart below. This opens up the possibility for more price turbulence, something that may suggest that price stability might not be in the cards for the short term.

Source: Skew

Source: lunarcrush

Lunarcrush’s Price v. Bullish Sentiment chart for Bitcoin highlighted a similar drop as well, something that was observed on the chart as well. After registering a high on 24 February, the trend has drastically changed over the past 48 hours, with the market picturing a bearish reversal.

Considering the fact that Bitcoin has been bullish for a greater part of 2020, corrections at the moment can be considered healthy. However, the continuation of such a trend where consecutive drops are not met with price spikes may signal red flags for the valuation in the long-term.

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Bitcoin – Gold correlation hits 14-month high; SPX in retreat

Digital gold and tangible gold are mounting a partnership as the global stock markets take a massive beating. The correlation between Bitcoin and gold has jumped to a massive 14-month high as tensions regarding Covid-19 raise questions about both assets’ “safe-haven” claims.

According to data from skew markets, the 1-month correlation between Bitcoin and Gold is now at +40.7 percent, an increase of over 200 percent since the beginning of the year when the correlation was as low as -37 percent, according to the scale.

Bitcoin – Gold 1-month correlation | Source: skew

Here, what’s notable is that this correlation came after the two assets had a similar macroeconomic year in 2019. As political and economic tensions engulfed Hong Kong, Argentina, and Venezuela, among other nations, and global markets bore the brunt of the US-China trade war externalities, the two assets saw like-for-like movement, with the safe-haven argument surfacing.

From June to September of last year, the correlation between the two jumped from -40 percent to +37.6 percent.

While gold has been taking off as overseas COVID-19 cases began piling up, Bitcoin’s movement was less straightforward. The cryptocurrency, over the past month, broke and sank below the $10,000 mark. At press time, it continued to drop further, trading at $9,100, culminating in a series of bearish drops.

Gold, despite being at a YTD high of 8.63 percent, saw a massive pullback on 25 February, its price dropping by 1.4 percent over the day. This XAU drop was right in the middle of Bitcoin falling from $9,900 to $9,100 over the past few days and hence, the correlation peaking.

Amid the pandemic tensions, the equity markets saw its worst day all year, dropping by 3.42 percent on 25 February.

Industry sentiments around the risk-on or safe-haven claim of the two assets varied. “It’s all about context,” said Mati Greenspan, Founder of Quantum Economics, in a letter to investors. Traders on Wall Street, speculating on Bitcoin, among other volatile assets, see it as a “risk asset,” while citizens in economically-shaky countries see it as “undoubtedly a sage haven.”

He added,

“The declines so far this week have mainly been focused on profits and earnings. The realization that if the risks do end up growing free money might not be enough to get us where we need. So we see some declines.”

Differentiating the safe-haven argument between safety against declining profits and safety against monetary policy-based issues, Greenspan stated that Bitcoin provides the latter. “So far, the stocks don’t seem to have realized any of these threats,” he closed.

On a lighter note, the Bitcoin and gold decline stoked yet another debate between the warring camps. Peter Schiff, CEO of Euro Pacific Capital and representing the gold camp, took on Anthony Pompliano, Co-founder of Morgan Creek Capital and representing the Bitcoin-bros, on the only platform that can accommodate their egos – Twitter.

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