- The daily chart shows that there are chances that the coin may go into a consolidation zone at present price levels.
The coin is presently trading at its resistance level and is ready to give the basic price action breakout/horizontal line breakout. The coin has been forming higher highs and higher lows for the past several days which indicates that the coin has entered an uptrend.
BCH on daily chart
The horizontal line visible on the chart shows that these levels are acting as a strong resistance for the coin and a slight move in price above this horizontal line could be an indication of a bull run. There are also chances that price may go into a consolidation zone for a while and then give a breakout. If this happens the bull run that will be coming next will be more stronger and will take up the price to its next resistance level i.e. $147.57.
MACD – The bullish crossover of the MACD signal shows that BCH has gained positive momentum on the daily chart. Bulls have outnumbered bears as seen by the indicator’s bullish crossover.
Relative Strength Indicator (RSI) – At 67.57, the relative strength indicator (RSI) curve is above its 50-point mark. This indicates that the price of the coin will keep rising which is good.
Analyst views and expectations
We may see a bull run in the upcoming days which could be beneficial to short-term investors as they will be able to make decent money in a short span of time. As far as long-term investors are concerned they should wait until they observe a Golden Crossover taking place on the chart.
According to WalletInvestor the price of BCH may reach $206.892 by the end of 2023 and $3.309 by the end of 2025.
The BCH coin price forecast from DigitalCoin, in contrast, was very optimistic predicting that the price may increase to $271.36 in 2023 and $495.78 in 2025. Based on historical statistics, the price of bitcoin cash was predicted by DigitalCoin to reach $1653.42 by the end of the decade.
According to CoinPrice forecast’s cryptocurrency price projection for BCH, the price of the cryptocurrency might increase to $202 this year, $293 in 2025 and $573in 2030.
Technical Levels
Major resistance -$164.06
Major support -$98.11
Conclusion
The coin at present looks good for short-term investors.
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.
Source: https://www.thecoinrepublic.com/2023/01/26/is-a-breakout-in-bch-possible-a-technical-analysis-of-the-cryptocurrency/