Bitcoin Cash Price Prediction for Today, July 21 – BCH Technical Analysis

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Insidebitcoin2024/07/21 23:04

coin_news.by:Insidebitcoin

The Bitcoin Cash price prediction reveals that BCH keeps forming higher as the coin moves to cross above the upper boundary of the channel.

Bitcoin Cash Prediction Statistics Data:

Bitcoin Cash price now – $396.21
Bitcoin Cash market cap – $7.8 billion
Bitcoin Cash circulating supply – 19.73 million
Bitcoin Cash CoinMarketCap ranking – #16

Early involvement is often recommended to maximize potential gains when evaluating crypto projects. For instance, Bitcoin Cash has shown significant price fluctuations: a 24-hour low of $386.34 and a high of $398.72 . It reached an all-time high of $4,355.62 on December 20, 2017, reflecting a -90.87% decline since then, and an all-time low of $75.08 on December 15, 2018, representing a +429.61% increase from that point, highlighting the benefits of early investment in the crypto market.

BCH/USD Market

Key Levels:

Resistance levels: $520, $530, $540

Support levels: $260, $250, $240

BCHUSD – Daily Chart

According to the daily chart, BCH/USD may create additional bullish movement if the buyers increase the buying pressure . However, in the next few days, market activity is expected to be relatively subdued, with no significant breakout likely this week. Meanwhile, there may be minor downward movements followed by modest recoveries, but substantial action is anticipated coming next week. The breakout, when it occurs, could see prices rise significantly from the current levels, with projections indicating a potential target of around $575, representing a notable increase from the current price of $396.

Bitcoin Cash Price Prediction: Will Bitcoin Cash Move Higher?

The technical measured move of this pattern suggests surpassing the golden ratio and previous resistance levels. Therefore, a successful breakout above the channel could indicate the possibility of further upward extensions over the coming days, weeks, or months, potentially reaching these resistance levels of $520, $530, and $540. Meanwhile, the historical data from Bitcoin Cash supports this analysis, showing significant upward movements following deep extensions, with previous targets reaching the resistance level of $404. Therefore, any bearish movement could hit the supports at $260, $250, and $240 respectively.

Nevertheless, Bitcoin Cash’s historical performance indicates a pattern of gradual build-up followed by rapid ascents past critical resistance points. Currently, the market is at a low point, and while an immediate rapid ascent is possible, it is more likely that the market will gradually climb to resistance levels before any significant breakout occurs. Based on past movements, minimum targets of $450 are anticipated, with potential highs reaching $480 or even $500 by the end of the next major move.

BCH/BTC Keeps Following Downward Trend

Against Bitcoin, the price of Bitcoin Cash is attempting to rise above the 9-day and 21-day moving averages, with a major resistance level at 5966 SAT. However, if the price crosses the moving averages and heads toward the north, the long-term moving averages may push the coin further upward, indicating the start of a new market trend.

BCHBTC – Daily Chart

Nevertheless, if buyers succeed in driving the market price higher, the next significant resistance could be found at 6800 SAT and above. Conversely, if the bulls fail to elevate the market value above the moving averages, bears may take control, with the nearest support level around 5200 SAT and below.

Meanwhile, @altsznmstr suggested to his followers on X (formerly Twitter) that $BCH is poised to reach $665 after breaking the $400 level.

Bitcoin Cash Alternatives

Bitcoin Cash is experiencing bullish momentum, trading above the 9-day and 21-day moving averages, with the potential for a sustained upward movement possibly retesting the $400 resistance level. A bullish signal is expected as the 9-day moving average crosses above the 21-day moving average, reinforcing positive market sentiment. In comparison, PlayDoge presents a compelling investment opportunity with a lower market cap and strong investor confidence, having raised $5.8 million in its presale. Positioned to capitalize on the anticipated rise in altcoins and the expanding GameFi market, PlayDoge is well-prepared for significant growth.

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