As a light-hearted aside, this post was inspired by a recent tweet I got on twitter. A few hours after publishing the post, the price of Bitcoin Cash (BCH) reached the predicted price. I was pleased with the accuracy of the prediction, and I liked the fact that I got a lot of laughs and comments from my followers. The most common question, which I did not realize before it became a trending topic, was asking how I knew the price will reach $917.00. Was I a genius who can anticipate Bitcoin Cash’s future price trends?
Bitcoin Cash is a fork of the Bitcoin Core software that intends to address some of the concerns that were raised during the development of Bitcoin Core, namely the block size debate. It is expected to be released to the public on November 13th, 2017, about 30 days from its announcement. On November 1, 2017, the $917 USD price level was reached for the first time at the 50-day Simple Moving Average, meaning that the current rally is likely over.
The BCH price rally has been taking place for the last few days. The market cap went above $7 billion on a daily basis for the first time. According to a recent market analysis by CryptoCompare, the BCH price has been above the 50-day moving average for the last five consecutive days. At the same time, the BCH/USD pair was above 0.01 as well.. Read more about bch news today and let us know what you think.Summary of the situation
- Bitcoin cash (BCH) has risen more than 6% in the past 24 hours.
- The coin opened the daily chart at $623.
- The daily range ($618 – $640) indicates moderate volatility.
Bitcoin Cash Price Analysis: Price Overview
Bitcoin cash (BCH) has risen more than 6% in the past 24 hours and is trading at $628 against the US dollar. The breakout of key resistance at $600 was due to the approval of bitcoin as legal tender in El Salvador. This brought BTC from $31,000 to $36,000 in yesterday’s 24-hour chart. This brings even more attention to Bitcoin Cash, which has almost the same name. China has recently taken steps to crack down on cryptocurrency-related activities, with the most recent measure being the blocking of all major cryptocurrency exchanges so that they no longer show up on search engines. As a result, most cryptocurrencies, including Bitcoin Cash, have been cut off from their rally and forced to move downward. As a result, BCH fell from $738 on the 24th. in May to a two-month low of $558. Applying Bitcoin Cash’s monthly growth estimate, long-term fundamentals suggest the coin could reach $915 in a year’s time. So far, the game has increased by 80% since the beginning of 2021. The average monthly increase is 16%. If this healthy growth continues, the currency could reach $1,500 by the end of the year. At the time of printing, the currency was hovering between $620 and $627. The daily range suggests moderate volatility and lies between the intraday low of $622 and the intraday high of $640.
Bitcoin Cash price movements in the last 24 hours
Bitcoin Cash (BCH) buyers broke above the $620 level on the daily chart yesterday, giving the bulls an advantage against the trendline. The coin opened the daily chart at $623, triggered a long green candle that turned into a rising wedge and ended at the daily high of $640. This week the bulls have fiercely defended the critical support area between $500 and $468 and they are now trying to break through the 50-day simple moving average at $917. rally (Source: Tradeview)
4-hour Bitcoin Cash Price Chart
The Bears are trying to take control of the Bulls around $620. After the price of Bitcoin Cash broke the lower boundary of the double bottom formed on the 4 hour chart. The trend line at $624 supported the two lower levels. However, at the time of writing, BCH has fallen below this trendline and has reached an intraday low of $618 on the 1-hour chart. Bitcoin cash is currently selling for $620 each. Sellers want the price to break free from the current uptrend line and fall to critical support at $468. The build-up of selling pressure at this point will likely extend the decline in bitcoin cash prices to support below the $400 level. rally (Source: Tradeview)
Bitcoin Cash Price Analysis Number
Microstrategy promising to invest more than $1 million in bitcoin and El Salvador’s bill are the latest positive news in the cryptocurrency sector. These two factors should provide a bullish outlook for the medium-term position of digital currencies. This sentiment could lead Bitcoin Cash to build momentum towards its next target at $917 on the 50-day SMA.Bitcoin cash (BCH) has had a rough start following its recent hard fork, with the price of bitcoin cash (BCH) falling from $1,300 to under $900 in less than a month. However, the planned BCH rally should bring bitcoin cash (BCH) back to the forefront of the cryptocurrency world.. Read more about ethereum price and let us know what you think.
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