BCH Technical Analysis – September 2021
In the last 30 days, BCH initially increased by more than 30%. However, the price started declining after that. The price has dropped by more than 35% in just the last two weeks. This suggests that BCH is now in a downtrend.
In the intraday chart, BCH has been highly volatile. The price of BCH might try to correct in the coming hours, but it maintains bearish tendencies.
The 20-day moving average is now above the price, indicating that the trend is now downward and that the price can further decline. Furthermore, the MA line could act as resistance in the coming weeks.
The 9-day EMA is also above the price now, and it might mean that the price can keep declining in the coming days, other things equal.
Relative Strength Index
The RSI of a daily chart is now very close to 30. This indicates that the momentum is bearish. A further decline in the price of BCH could see it become oversold, and buyers might take over again.
The MACD line is way below the signal line and below the baseline. This suggests strong selling pressure, so the trend might not reverse any time soon. The price is projected to keep decreasing.
Fear & Greed
The fear and greed indicator suggests that the current emotion for BCH traders is fear. Fear implies that the selling pressure is higher. However, excessive fear could potentially lead to a reversal.
The Fibonacci of the recent downtrend suggests that after the recent support at $510, BCH could face resistance at either the 61.8% or 38.2% levels. If the price retraces up to one of those levels, then we might see BCH go below $500 in the coming days.
Price Prediction BCH – September 2021
Based on this technical analysis, Bitcoin Cash could go further down in the coming days. While the price might retrace a little in the coming hours, indicators and price patterns suggest that BCH is going further down. We could see the price of Bitcoin Cash go close to $480 in the coming weeks.
Latest News for BCH – Affecting Price
Recently, PayPal in the UK announced that users can now use cryptocurrencies as a payment method. The cryptocurrencies supported are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Such additions can easily boost the price of BCH upwards. Nonetheless, the short-term trend for Bitcoin Cash is bearish.