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.
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.
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.
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.
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?