The 24-hour chart marked one of many strongest correction intervals for the collective cryptocurrency area in August. Bitcoin re-tested its help vary from $11,400-$11,200 at press time. Taking the king coin’s cue, its forked cousin bitcoin cash adopted behind and depleted in the direction of a vital vary as effectively. At press time, bitcoin cash was valued at $274 with a market cap of $5.06 billion.
bitcoin cash 1-hour chart
In accordance with the 1-hour chart, bitcoin cash was oscillating between trendlines of a falling wedge which often carries bullish implications. Nevertheless, despite probably attaining one other spike, bitcoin cash is at present positioned at a vital help vary. For the reason that begin of the bullish rally on 27 July, BCH managed to get better from the vary between $277 and $270 and consolidate above.
After its latest decline, the asset managed to keep away from dropping under $270, which is a constructive signal. To ensure that bitcoin cash to keep up mediation within the bullish realm, a restoration above $277 is important.
Relative Power Index remained heavy on the sell-side therefore it’s crucial that purchasing strain improves over the subsequent 24-hours.
bitcoin cash 30-min chart
If bitcoin cash ought to breach above $277 within the subsequent 24-48 hours, it opens a chance for an extended place available in the market. Maintaining present valuation in thoughts, an entry place may be facilitated at $272 whereas conserving stop-loss mark at quick help $270. Take-profit margin ought to be very best at $288, clocking in a Threat/Reward ratio of 4.06x.
Nevertheless, it is very important understand that BCH just isn’t precisely out of the bearish grasp, as Superior Oscillator recommended bearish momentum was nonetheless lively within the charts.
bitcoin cash ought to attain a place above $277 inside the subsequent 24-48 hours.
Disclaimer: The next price prediction shouldn’t be taken as funding recommendation. The prediction ought to materialize inside the subsequent 24-48 hours.