Will BCH Price Rise?

Bitcoin (BTC) price rose to $30,000 with the news of the ETF that will be denied later and then experienced a clear pullback. Bitcoin Cash (BCH) also experienced a drop after rising to $249.7 in the same way. As of the time of writing, BCH seems to be facing a drop to around $220 according to the graph analysis.

The price uncertainty in the BCH price chart was seen at levels of $216 and $225 (white). This price level intersected with the 50-EMA (Exponential Moving Average) and the previous breakout area above $220.

At the time of writing, the price movement reached a consolidation area indicated in the graph below. The pullback could slow down in this area and allow bulls to re-enter the market, especially if BTC does not drop further.

Such a move could raise the price expectations for BCH to $237. It could also target the resistance area between $241 and $256 (red) which has been present since August.

On the contrary, a price pullback could force investors who want to buy the altcoin to wait for the next support level and consider the 12-hour OB (Order Book) below $210 (light blue).

Meanwhile, the two important indicators, RSI and CMF, experienced sharp declines at the time of writing. This reflected a decrease in buying pressure and capital inflows in the middle of a visible turnaround in the last few hours.

The Future and Expectations of BCH

As seen in Hyblock’s 12-hour Liquidation Heatmap, key magnet areas (orange) were around $235 and $225. The area indicated by the orange levels represents high liquidation zones and these zones can act as support or resistance areas.

The convergence of liquidity with $225 in the charts can be interpreted as a sign of a high probability of reversal in the region. The next upward target based on estimated liquidation could be achieved at $235. In addition, price movements that may occur in BTC can play a key role in confirming BCH’s upward trend in the near term.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are risky due to their high volatility and should conduct their own research before making any transactions.

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