This Bitcoin Cash Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our BCH price analysis and price prediction.
Bitcoin Cash (BCH) has regained its position as one of the top five cryptocurrencies in terms of market capitalization. This may have happened because of the mass buying that we saw from crypto traders.
Roughly about a month ago, BCH was relegated to the eighth position due to the massive selling that occurred. The relative strength index (RSI), lingering at the score of 30, reflected this.
Now that BCH is back to its place, is it going to be a good investment for 2021? Let’s find out in this CoinQuora Bitcoin Cash Price Analysis and Price Prediction 2021.
Bitcoin Cash (BCH) Price Analysis (Oct-Nov 2020)
Grayscale Investments announced last week that it has amassed $1.05 billion in investments during the third quarter of 2020, with institutional investors contributing mostly to the figure. It also revealed that there was an “unprecedented demand” for BCH.
Is this the reason why BCH improved its footing? Let’s see the chart in this Bitcoin Cash price analysis.
BCH Fibonacci levels and 50-day SMA (Source: TradingView)
According to the chart, BCH has effectively broken past the Fibonacci retracement level of $247.75 after a month-long consolidation. This shows that the bulls have gained the upper hand after wrestling with the bears for some time.
With this, we can now look toward the next Fib level of $284.54 as the last obstacle that BCH has to surpass before it can proceed to the $300 zone.
BCH forming a Cup and Handle pattern
We also saw a recent Cup and Handle chart pattern emerge, which is another bullish signal. This may encourage more traders to buy BCH. If this indeed plays out, then we can expect BCH to reach as high as $320 or even $340 in the coming weeks or months.
However, the RSI at 66 shows that BCH is already about to be overbought. This could lead to a period of consolidation. After this, only then can we know if BCH will indeed continue its climb or remain at the $200 range.
For the bulls to continue their climb, they need to strengthen their attack at the Fib level of $284.54 to establish another RSI threshold. Otherwise, the bears will convince traders to sell BCH for a quick profit.
Bitcoin Cash (BCH) Price Prediction 2021
So far, our CoinQuora price analysis for Bitcoin Cash shows that the market has a bullish sentiment for at least a month. But will it become a good investment in 2021? Let us get to the bottom of our Bitcoin Cash price prediction 2021.
BCH 50-day EMA (Source: TradingView)
As shown above, Bitcoin Cash is only beginning to show signs of life after a prolonged consolidation period and an unsustained breakout from February to March, and from August to September. The exponential moving average (EMA) is starting to climb up as successive green candlesticks have appeared in the last couple of days.
From a macro perspective, the strong resistance levels that Bitcoin Cash has to challenge are at $320 and $340. These may even be too much of a stretch that we might not even see BCH approaching these levels at the start of 2021 if many traders decide to sell now.
Additionally, Bitcoin Cash’s performance in the last six months has been lackluster. If it fails to break past the resistance level at $284, it might not reach $300 by the start of January 2021. But if it does, then we can safely assume that each BCH may be worth at least $300 in 2021, maybe more.
Conversely, CoinQuora’s conservative Bitcoin Cash price prediction for 2021 is $250.
Technical analysis aside, another factor that may affect BCH’s price in 2021 is the network upgrade on November 15. While the upgrade is expected to ensue in the said date, previous arguments regarding this have happened among community members.
Once the upgrade happens next month, we will see whether the BCH will be affected, directly or indirectly.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
Source: bch price prediction
Bitcoin Cash (BCH) has regained its position as one of the top five cryptocurrencies in terms of market capitalization. This may have happened because of the mass buying that we saw from crypto traders.
Roughly about a month ago, BCH was relegated to the eighth position due to the massive selling that occurred. The relative strength index (RSI), lingering at the score of 30, reflected this.
Now that BCH is back to its place, is it going to be a good investment for 2021? Let’s find out in this CoinQuora Bitcoin Cash Price Analysis and Price Prediction 2021.
Bitcoin Cash (BCH) Price Analysis (Oct-Nov 2020)
Grayscale Investments announced last week that it has amassed $1.05 billion in investments during the third quarter of 2020, with institutional investors contributing mostly to the figure. It also revealed that there was an “unprecedented demand” for BCH.
Is this the reason why BCH improved its footing? Let’s see the chart in this Bitcoin Cash price analysis.
BCH Fibonacci levels and 50-day SMA (Source: TradingView)
According to the chart, BCH has effectively broken past the Fibonacci retracement level of $247.75 after a month-long consolidation. This shows that the bulls have gained the upper hand after wrestling with the bears for some time.
With this, we can now look toward the next Fib level of $284.54 as the last obstacle that BCH has to surpass before it can proceed to the $300 zone.
BCH forming a Cup and Handle pattern
We also saw a recent Cup and Handle chart pattern emerge, which is another bullish signal. This may encourage more traders to buy BCH. If this indeed plays out, then we can expect BCH to reach as high as $320 or even $340 in the coming weeks or months.
However, the RSI at 66 shows that BCH is already about to be overbought. This could lead to a period of consolidation. After this, only then can we know if BCH will indeed continue its climb or remain at the $200 range.
For the bulls to continue their climb, they need to strengthen their attack at the Fib level of $284.54 to establish another RSI threshold. Otherwise, the bears will convince traders to sell BCH for a quick profit.
Bitcoin Cash (BCH) Price Prediction 2021
So far, our CoinQuora price analysis for Bitcoin Cash shows that the market has a bullish sentiment for at least a month. But will it become a good investment in 2021? Let us get to the bottom of our Bitcoin Cash price prediction 2021.
BCH 50-day EMA (Source: TradingView)
As shown above, Bitcoin Cash is only beginning to show signs of life after a prolonged consolidation period and an unsustained breakout from February to March, and from August to September. The exponential moving average (EMA) is starting to climb up as successive green candlesticks have appeared in the last couple of days.
From a macro perspective, the strong resistance levels that Bitcoin Cash has to challenge are at $320 and $340. These may even be too much of a stretch that we might not even see BCH approaching these levels at the start of 2021 if many traders decide to sell now.
Additionally, Bitcoin Cash’s performance in the last six months has been lackluster. If it fails to break past the resistance level at $284, it might not reach $300 by the start of January 2021. But if it does, then we can safely assume that each BCH may be worth at least $300 in 2021, maybe more.
Conversely, CoinQuora’s conservative Bitcoin Cash price prediction for 2021 is $250.
Technical analysis aside, another factor that may affect BCH’s price in 2021 is the network upgrade on November 15. While the upgrade is expected to ensue in the said date, previous arguments regarding this have happened among community members.
Once the upgrade happens next month, we will see whether the BCH will be affected, directly or indirectly.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
Source: bch price prediction