Bitcoin Cash Price Surge and Correction: What’s Next?
As a crypto enthusiast, you may have witnessed the remarkable surge in the price of Bitcoin Cash (BCH) last month, with a whopping increase of over 133%. However, this surge was met with bearish rejection at the Fibonacci level of $681, leading to a corrective movement in the current month. What can you expect next for Bitcoin Cash?
Bitcoin Cash’s Stellar Month: A 133% Price Surge
- Last month, Bitcoin Cash witnessed an impressive price surge of approximately 133.5%, reaching the 0.382 Fibonacci level at around $681.
- This surge, however, was short-lived as the price faced significant resistance at this level, triggering a corrective movement in the following month.
The price of Bitcoin Cash has since corrected by over 38%, with the current support lying at around $480. Should this support fail, the golden ratio support is around $325, accompanied by additional reinforcement from the 50-month EMA.
Chart Analysis:
- The MACD histogram on the monthly chart is trending higher in a bullish manner, with crossed MACD lines, while the RSI remains neutral.
Bitcoin Cash’s Weekly Chart: Potential Golden Crossover Ahead
- In the weekly chart, Bitcoin Cash shows the potential for EMAs to form a golden crossover, indicating a bullish trend in the medium term.
- While the MACD lines have already crossed bullishly, the MACD histogram has been declining since last week.
With the RSI signaling neutral territory, Bitcoin Cash may rebound from the .382 Fib support around $480 and attempt to breach the .382 Fib resistance at $681.4. A successful breakout could lead to a bullish trajectory towards the next target of $1,050, signifying a new bullish cycle for the cryptocurrency.
Daily Market Update: Bearish Signals for Bitcoin Cash
In the daily chart of Bitcoin Cash, bearish trends are indicated as the MACD histogram trends downward and the MACD lines are crossed bearishly. The RSI remains in neutral territory.
Bitcoin Cash 4H Chart Update: Bearish Momentum Ahead?
- On the 4-hour chart, there is a possibility of a death cross formation for Bitcoin Cash, solidifying the short-term bearish trend.
- The MACD histogram shows a downward trend, indicating bearish momentum, while the MACD lines approach a potential bearish crossover.
BTC vs. BCH: Battle of the Cryptocurrencies
- Against BTC, Bitcoin Cash faced a bearish rejection at the resistance zone, with significant Fibonacci supports at 0.0079 BTC and 0.0062 BTC.
- While the MACD lines maintain a bullish crossover on the monthly chart, the MACD histogram and RSI show bearish signals this month.
The current outlook for Bitcoin Cash appears bearish, potentially prompting investors to consider favoring Bitcoin, which is also undergoing a corrective phase.
Hot Take: What Lies Ahead for Bitcoin Cash?
As a crypto investor, the recent price surge and subsequent correction in Bitcoin Cash may have left you wondering about its future trajectory. Will Bitcoin Cash be able to overcome its current challenges and resume its bullish trend, or are further corrections on the horizon? Stay tuned for more updates on the crypto market!
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