BCH Technical Analysis – September 2021
Monthly Analysis
Over the last 30 days, BCH has increased by almost 50%, reaching a price as high as $802. After reaching this height, BCH is now facing a pullback, but its uptrend may continue in the coming weeks of this month, other things equal.
Weekly Analysis
In the last 7 days, BCH has increased by almost 30%. This has brought plenty of profits for investors who bought BCH at support. The last BCH breakout was a result of a cup and handle pattern forming, but now the price might dip for a little until BCH finds enough support to rebound.
Daily Analysis
In the last hours of the intraday chart, BCH has been on a constant decline. In just the last 12 hours, the price has declined by 6%, and the intraday trend has bearish tendencies. Nonetheless, as suggested, this might be just a pullback until buyers take over again for BCH.
Key Structures
Support
- $706
Resistance
- $804
Indicators
Moving Average
The 20-day moving average has been below the price for quite some time. Due to the recent correction, the moving average is now coming closer to the price and may act as support in the coming days if BCH rebounds. The 9-day exponential moving average is also below the price.
Relative Strength Index
The daily RSI was over 70 the day before, making BCH overbought. Due to that, this correction was always about to happen. The RSI is currently at 60, indicating that BCH has room for growth if buyers take over.
MACD
Despite the pullback, the MACD is above the signal line and way above the baseline. This indicates that BCH is still in bullish momentum.
Fibonacci
Fibonacci levels from the beginning of the uptrend suggest that BCH can retrace to the 23.6% level in the coming days. In the longer run, if the trend reverses, the 61.8% Fibonacci level can also act as a strong level of support. When looking at the Fibonacci extension, we can see that the -23.6% level is at $900, and that can be a good target for BCH in the following weeks, but this also depends on how other cryptocurrencies move (i.e. Bitcoin).
Price Prediction Bitcoin Cash – September 2021
Based on this technical analysis, Bitcoin Cash (BCH) is in the middle of a retracement, but it is only a matter of time before BCH retests resistance and begins to go up once again. If BCH finds support at $704, then we might see BCH aim to surpass $850 or even go close to $900 this month. If the trend reverses, then BCH might go below $600.
Latest News for Bitcoin Cash – Affecting Price
Recently it was announced that people in the UK can use PayPal to buy cryptocurrencies, particularly Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. This makes cryptocurrencies much easily accessible for UK citizens and potentially causes an increase in the price of each.
Also read: How to Buy Bitcoin with Paypal? – A Step-By-Step Guide!