Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 214. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.
Bitcoin Cash (BCH/USD) forecast and analysis on December 3, 2019
As part of the Bitcoin Cash forecast, a test of level 220 is expected. Where can we expect an attempt to continue the fall of BCH/USD and the further development of a downward trend. The purpose of this movement is the area near the level of 192. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator strip at the level of 228.
Cancellation of the option to continue the depreciation of Bitcoin Cash will be a breakdown 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 240. This will indicate a change in the current trend in favor of the bullish for BCH/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Bitcoin Cash (BCH/USD) forecast and analysis on December 3, 2019 implies a test level of 220. Further, it is expected to continue falling to the area below the level of 192. The conservative area for selling Bitcoin Cash is located area of 228. Canceling the option of falling cryptocurrency will be a breakdown of the level of 240. In this case, we can expect continuation growth.
Bitcoin Cash technical analysis: BCH/USD subject to a potential explosive breakout
- Bitcoin Cash price is trading in the green, with gains of 0.35% in the second half of the session.
- BCH/USD the price behaviour and technical structure suggest further moves south.
- The price has done little since 23 November, a lack of committed direction.
BCH/USD weekly chart
Price action via the weekly is trading just above a breached flag structure, moving within consolidation mode.
BCH/USD daily chart
The price within the daily view is narrowing, a range to the low of $200 to the high up at $225.
Spot rate: 211.49
Relative change: +0.30 %
|Today last price||212.9689|
|Today Daily Change||0.2604|
|Today Daily Change %||0.12|
|Today daily open||212.7085|
|Previous Daily High||215.2542|
|Previous Daily Low||208.5062|
|Previous Weekly High||220.5853|
|Previous Weekly Low||202.9433|
|Previous Monthly High||308.1348|
|Previous Monthly Low||192.2474|
|Daily Fibonacci 38.2%||212.6765|
|Daily Fibonacci 61.8%||211.0839|
|Daily Pivot Point S1||209.0584|
|Daily Pivot Point S2||205.4084|
|Daily Pivot Point S3||202.3105|
|Daily Pivot Point R1||215.8064|
|Daily Pivot Point R2||218.9043|
|Daily Pivot Point R3||222.5543|
Bitcoin Cash Price Prediction: BCH/USD Price Ranges as the Coin Holds $212 Key Support
Last Updated on December 9, 2019
BCH Price Prediction – December 9
For the past few days of price actions, BCH/USD is consolidating at the lower boundary of the channel.
Resistance levels: $230, $240, $250
Support levels: $195, $185, $175
BCH/USD bulls have been fighting to come out of the valley they were pushed into during last month’s declines. Another fall in the price, which started yesterday early this month, is spotted on today’s chart too. From the past few days, the market is forming a pattern where the day begins with either having an uptrend or downtrend, but towards the end, it reverses.
Moreover, mere looking at the daily chart, BCH/USD price has continued to consolidate itself in a flag formation, waiting for a potential breakout. The daily breakdown shows us that BCH/USD had dropped to $212.15 which is around the middle boundary of the Bollinger bands after moving to $214.20 level. If the support gets weak, a price break-down may occur as the bears may find new monthly lows at $195, $185 and $175 support levels.
Furthermore, a bullish step back may likely roll the market back to $230 resistance with a possible break out of the channel and move towards the $240 and $250 resistance levels, establishing a new monthly high for the market. At the moment, the RSI (14) indicator moves in the same direction below 40, indicating an indecisive movement.
Comparing with Bitcoin, as revealed in the daily chart, the bears have shown a little commitment to BCH trading. Following the recent negative sign, the trend may continue to go down if the sellers could continue to pump more pressure into the market.
More so, if the buyers can hold the support of 0.0284 BTC, the market price may likely resume an upward trend and cross the middle boundary of the Bollinger bands to touch the resistance level of 0.0294 BTC and 0.0300 BTC but a retest could lower the price to 0.0270 BTC and 0.0260 BTC support levels but the stochastic RSI is creeping out of the oversold condition.
Technical Weekly – BTC shows resilience amid slower market conditions
The broader cryptocurrency market was mostly in the positive area on Monday as sentiment has shown signs of improvement compared to a week ago. The prices of bitcoin have been hovering in the 7500 area during early Asia trading. Although most of the previous selling pressure seems has been eased, we haven’t seen a substantial recovery in bitcoin at the moment. However, the consolidation could also present an accumulation opportunity for long-term HODLers.
In the altcoin space, XTZ and ALGO continued to lead the gains, traded 8% higher against the USDT. Away from that, most of the altcoins have only seen small gains, while LTC, TRX, and XMR were slightly dipped into the red. ETH is expected to remain in focus, as the second-largest crypto has performed the latest hard fork successfully. Istanbul contains six unique upgrades to improve Ethereum’s network, including reducing some of the gas costs and allows ETH and ZEC to work with one another.
Elsewhere, Europe has continued to dominate in the crypto macro headlines. This came after the report saying France is set to test its own central bank digital currency. Recent research from Deutsche Bank suggests that digital currency could eventually replace cash one day, as demand for anonymity and a more decentralized means of payment grows. However, EU officials stressed that private digital currencies like Facebook’s Libra should not be allowed in the bloc until risk concerns have been addressed.
What You Missed
- Telegram’s former chief investment advisor is expected to reveal more details about the firm’s 2018 token pre-sales project. The SEC has requested the High Court of England and Wales to transfer documents related to Telegram’s USD 1.7 bln token pre-sales back in 2018. The papers are expected to disclose the fundraising tactics used during sales.
- BTC’s on-chain momentum has started to produce a bullish crossing, that’s according to renown On-Chain Analysis Willy Woo. He claims that investors’ momentum is likely already bottomed, and some of the smart money could be frontrunning for the upcoming BTC halving event.
- Crypto investors in Korea could soon need to pay taxes for their gains in crypto. The Korean Times reports that the Ministry of Economy and Finance is working on a taxation framework for capital gains in crypto, and the measure is expected to become law next year.
- The US Secretary of the Treasury Steven Mnuchin said he is “fine” with Facebook’s Libra as long as it fully complies with all the rules. During a hearing at the House Financial Services Committee, Mnuchin said, “I’m fine if Facebook wants to create a digital currency, but they need to be fully compliant” with financial secrecy and anti-money laundering rules, and in no way can this be used for terrorist financing.”
- BTCUSD has initially produced a daily breakout from the October downward trendline, and an ascending triangle pattern could be in the making. If confirmed, that could consider as a short- term bullish signal.
- While the recent price actions may not look so excited, the RSI suggests that upward momentum has been building up gradually.
- Our data shows that a significate volume of active buys have been rushed into our BTC futures trading, alongside with the low BTC Long/Short Ratio, that could indicate that the short-term bias remains slightly more on the positive side.
- From a medium-term perspective, the recent trend we’ve seen on BTCUSD looks somewhat comparable to the June-July trend highlighted in figure 1.
- For a longer-term perspective, a 50-100 weekly bullish crossover has confirmed (figure 4a), that’s the first of such crossover since May 2016 (figure 4b), which was the start of a mega bull run till late Dec 2017.
Figure 1: BTCUSD Daily Chart (Source: FX Street)
Figure 2: OKEx BTC Long/Short Ratio (Source: OKEx)
Figure 3: OKEx BTC Futures Taker Buy and Sell (Source: OKEx)
Figure 4a: BTCUSD Weekly Chart (Source: FX Street)
Figure 4b: BTC Long-term Weekly Chart (Source: FX Street)
- ETHUSD may need to retest the support of the lower end of the recent triangular pattern before another attempt to make a bullish breakout.
- Despite both the RSI and UO have able to produce some higher lowers, the stochastic oscillator has seen a bearish crossover, supporting a case of a short-term correction.
- As the Istanbul hard fork has performed successfully, markets seem lacking any short-term factors that would able to boost the prices of ETH. However, the upgrade would certainly be an underlying positive for ETH.
Figure 5: ETHUSD 4-Hour Chart (Source: FX Street)
- XRP bulls may face more challenges as XRPUSDT has come to a critical moment. At the time of writing, the pair traded 1% higher, changing hands in 0.2288 area.
- The pair has formed a daily mini-double bottom and reached the neckline near 0.232 levels. A rally from here would allow the pair to surge to near the 0.25 area.
- However, momentum indicators have shown a mixed-signal here with the RSI developed an uptrend, while the UO yet has seen a breakout.
- If the pair were unable to secure the neckline, the likelihood of retesting the lower support levels would be more likely.
Figure 6: XRPUSD Daily Chart (Source: FX Street)
- BCH may soon start a new trend as the squeeze of the Bollinger Bands suggests that a daily breakout seems in the making.
- While it could be hard to determine the direction of the breakout at this point, the downside here seems relatively limited, as the trendline near 192-193 seems like good support.
- On the upside, 226 and 240 areas are likely to be the next resistance levels.
Figure 7: BCHUSD Daily Chart (Source: FX Street)
This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.