Market
BCH may only recover soon if …
Bitcoin is up nearly 8% in the past few days, from a low of $ 45.6,000 to $ 49.3,000 before falling slightly and trading at $ 49.2,000 at press time. Even so, there is still a chance Bitcoin will climb back to the $ 51,000- $ 52,000 level, possibly moving the broader crypto market north. In contrast, BCH only increased 4% over the same period. Put simply, BCH is probably lagging behind.
BCH 1 hour chart
BCH / USDT | The source: TradingView
BCH has been range trading for the past 2 weeks, from the $ 490 band (red box) to the $ 415,000 band (blue). The price has tested this demand area several times in the last week and has increased after each new test. The recent rally struggled to push BCH above $ 435 and the $ 450 level also acted as resistance.
In the $ 421 and $ 481 areas, the middle line of the area (white dot) at $ 451 represents strong resistance. Also, the entire $ 430-450 range appears to be an important area on the high timeframe, which means bulls will have plenty of liquidity before moving higher.
Trendline resistance (white) has been seen since early November and has yet to be beaten, making BCH’s upside momentum even more difficult.
A low volume combined with relatively strong purchases in the $ 420 area indicates a potential accumulation phase.
Analytical basis
BCH / USDT | The source: TradingView
The OBV (Volume Balance) indicator has continued to rise in the past few days, which means that buyers have increased their participation in the market. This is an encouraging sign for cows too. The RSI has yet to break above 67.7, although staying above neutral 50 underscores recent bullish momentum.
A fixed-range volume profile was created on the price chart on December 6th when the price tested the low of $ 420.
One positive factor for the bulls is that the price is above the control point (red) at $ 436, although the FRVP is also pointing to strong resistance at $ 450.
Conclude
With a dead hop earlier this month after a sharp sell-off, BCH pegged a range between $ 480 and $ 420. Since then, in search of demand, the price has repeatedly bottomed out and then recovered. Buying pressure mounts as BCH encounters strong resistance in the $ 430-450 range and another at $ 470. Trading volume remains low as market participants stand on the sidelines waiting to buy when the price tests $ 420 again.
To sum up, BCH has been active for the last 2 weeks of accumulation and the rise in price above USD 450 gives the opportunity to hit the USD 490 zone.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Market
BCH may only recover soon if …
Bitcoin is up nearly 8% in the past few days, from a low of $ 45.6,000 to $ 49.3,000 before falling slightly and trading at $ 49.2,000 at press time. Even so, there is still a chance Bitcoin will climb back to the $ 51,000- $ 52,000 level, possibly moving the broader crypto market north. In contrast, BCH only increased 4% over the same period. Put simply, BCH is probably lagging behind.
BCH 1 hour chart
BCH / USDT | The source: TradingView
BCH has been range trading for the past 2 weeks, from the $ 490 band (red box) to the $ 415,000 band (blue). The price has tested this demand area several times in the last week and has increased after each new test. The recent rally struggled to push BCH above $ 435 and the $ 450 level also acted as resistance.
In the $ 421 and $ 481 areas, the middle line of the area (white dot) at $ 451 represents strong resistance. Also, the entire $ 430-450 range appears to be an important area on the high timeframe, which means bulls will have plenty of liquidity before moving higher.
Trendline resistance (white) has been seen since early November and has yet to be beaten, making BCH’s upside momentum even more difficult.
A low volume combined with relatively strong purchases in the $ 420 area indicates a potential accumulation phase.
Analytical basis
BCH / USDT | The source: TradingView
The OBV (Volume Balance) indicator has continued to rise in the past few days, which means that buyers have increased their participation in the market. This is an encouraging sign for cows too. The RSI has yet to break above 67.7, although staying above neutral 50 underscores recent bullish momentum.
A fixed-range volume profile was created on the price chart on December 6th when the price tested the low of $ 420.
One positive factor for the bulls is that the price is above the control point (red) at $ 436, although the FRVP is also pointing to strong resistance at $ 450.
Conclude
With a dead hop earlier this month after a sharp sell-off, BCH pegged a range between $ 480 and $ 420. Since then, in search of demand, the price has repeatedly bottomed out and then recovered. Buying pressure mounts as BCH encounters strong resistance in the $ 430-450 range and another at $ 470. Trading volume remains low as market participants stand on the sidelines waiting to buy when the price tests $ 420 again.
To sum up, BCH has been active for the last 2 weeks of accumulation and the rise in price above USD 450 gives the opportunity to hit the USD 490 zone.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
