Bitcoin Cash Price Prediction November 2021: Will BCH Reach $2,000 In November?

BCH  Technical Analysis – November 2021

Monthly Analysis

In the last 30 days, BCH has been bullish. It has increased by around 39%. After failing to break resistance at $655, the price of BCH started declining. It has recently had a bearish breakout, indicating that the trend may now reverse and be downward.

Monthly analysis of Bitcoin Cash (BCH)

BCH/USDT 4-Hour Chart

Weekly Analysis

In the last 7 days, BCH has been bearish. Its price has declined by 19% in the last few days, where a bearish breakout broke the channel and might hint at a potential reversal in the price of BCH. 

Daily Analysis

In the intraday chart alone, BCH has had a decrease of 14% so far. This indicates that the price of BCH can keep decreasing as the selling pressure is high. It may soon find support in the coming hours.

Key Structures

Support

  • $528

Resistance

  • $632

Indicators

Moving Average

The 20-day moving average is now above the price, indicating that the trend is now downward and that the price of BCH can keep decreasing in the coming days.

The 9-day EMA is also above the price, indicating that the price of BCH might decrease in the short run. The EMA line can act as resistance if the price attempts to correct.

Relative Strength Index

The RSI of a daily chart is now approaching 30, indicating that BCH might soon become oversold. We could expect BCH to find support and correct if that occurs. In a 4-hour chart, the RSI is already below 30, and it may soon find support and retrace until it is in the 30-70 range.

MACD

The MACD line is below the signal line of a 1-day chart, indicating that the momentum is now bearish and that the price could decrease in the coming days. The same applies to a 4-hour chart.

Fear & Greed 

The fear and greed indicator of a 4-hour chart suggests that the current emotion of BCH traders is fear due to the recent bearish breakout. Excessive fear often leads to a trend reversal.

Fear and greed indicator for Bitcoin Cas (BCH)

Fear & Greed for BCH/USDT in a 4-Hour Chart

Fibonacci

The Fibonacci retracement levels in a 1-week chart suggest that BCH found support at the 78.6% level, meaning that the price could possibly go up to 0% in the coming weeks.

Fibonacci retracement level for Bitcoin Cash (BCH) in a 1-week chart

Fibonacci Levels for BCH/USDT in a 1-Week Chart

In a 1-day chart, The price could retrace to 61.8% soon. If that occurs, then the price of BCH could surge upwards once again.

Fibonacci retracement levels for Bitcoin Cash (BCH) in a 1-day chart

Fibonacci Levels for BCH/USDT in a 1-Day Chart

Price Prediction BCH  – November 2021

Based on this technical analysis of Bitcoin Cash (BCH), its price could go further down in the coming days. However, if it finds support at the projected structures such as the Fibonacci level at 61.8%, then the price could increase up to $700 in the coming days. If BTC continues to increase in this bull cycle, we could see the price of BCH go further high, and potentially approach its all-time high. Other things equal, BCH has the potential to go up to $2,000 in this bull cycle.

Latest News for BCH  – Affecting Price

Recently, cryptocurrencies such as Bitcoin Cash had an inflow of institutional money in their network, leading to a potential increase in the price. However, the recent breakout is a result of a BTC retracement.

Also read: Bitcoin Cash Price Prediction 2021 and Beyond – Is BCH a Good Investment?