In the last 24 hours, the BCH price has increased by 6.1%, and it currently sits at $977. This increase has been caused by the anticipation of the upcoming hard fork that is due on May 15, which is when the BCH community will decide if they want to implement a controversial code change that will optimize the BCH network. (The community is also debating whether to use the codename Bitcoin ABC or Bitcoin SV for the new version of the BCH software; the former stands for Adjustable Blocksize Cap, and the latter stands for Satoshi’s Vision.)
A year ago, many in the bitcoin community were celebrating the fact that the price of bitcoin was nearing $1,000. It was a symbolic price to reach. However, the recent rally of bitcoin cash (BCH) has led the younger cryptocurrency to surpass this price point. This is a significant milestone. However, it is also a very precarious place to be. Bitcoin cash is dealing with a lot of resistance, and there is very little room for error.
Summary of the situation
- Bitcoin cash is expected to climb to $1,050 and then skyrocket to $1,100.
- The next support level is at $950.
- BCH is facing resistance at $1,050.
The price of Bitcoin Cash has passed the $900 level and strong bullish momentum has led to the price challenging the $1009 level. In the past seven days, the price of BCH has risen more than 19%, indicating a strong prevailing bullish sentiment. However, the strong upward movement is giving way to volatile price movements.
The broad crypto-currency market has fallen over the past 24 hours, with most major crypto-currencies posting losses during the time frame. Among the major currencies that posted losses were Ripple’s XRP and DOT, which posted gains of 7.26% and 2.64%, respectively. Meanwhile, some currencies like Ethereum, BNB and DOGE have posted gains in the same time frame.
Technical indicators for BCH/USDT
Technical indicators for BCH/USDT by Tradingview
As for the technical indicators, the MACD shows bearish momentum. Although the histogram is still red at the time of writing, its magnitude has decreased significantly as the price of bitcoin cash hovers around 16.00. Although the 26-EMA is still above the 12-EMA, the difference between the two is small and they could show a bullish reversal at any time.
The RSI is currently in the neutral zone just above the 56.00 mark and is not giving any signals. The indicator has been trading in the neutral zone for the past three days and is steadily approaching the oversold area. However, since noon, the RSI has steadily moved into overbought territory, indicating that buyers are offering resistance.
Currently, the Bollinger Bands are narrow, but they will quickly widen in the future as the bulls take control of the market dynamics. The widening bands suggest that the volatility of the bitcoin cash price is increasing in the short term. In addition, if the price consolidates above the centerline of the bars, the bars will be on the upside for the next few candles.
Overall, the technical analysis on the 4-hour chart shows a strong buy signal. Seventeen of the 26 major technical indicators point to an upward movement. On the other hand, only one indicator gives a sell signal, indicating a bearish pullback. Meanwhile, eight indicators remain on the sidelines, not supporting either side of the market.
The technical analysis on a 24-hour basis agrees with this assessment and also gives a buy signal. Fifteen of the 26 indicators point to an upward movement, and only two indicators point to a downward decline. Meanwhile, nine indicators remain neutral and give no signal at the time of writing.
What can you expect from Bitcoin Cash exchange rate?
4-hour price chart from Tradingview
Traders should expect the price of Bitcoin Cash to continue to rise as the BCH reaches the $1,100 mark again. The short-term technical indicators suggest a bullish cross, while the medium-term technical indicators support an upward move, suggesting buying pressure at this level. Thus, we can expect the price of bitcoin cash to reach the $1,050 level and rise thereafter.
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Frequently Asked Questions
Will Bitcoin Cash hit 1000?
Bitcoin cash is a cryptocurrency. As of 2017, it is the world’s 3 rd most valuable cryptocurrency by market cap. The currency is still quite new—it was only launched in August 2017—but it has grown rapidly since its debut. Its value hit $1,000 USD on December 22, 2017, a milestone that took well over a year for bitcoin to reach. Many cryptocurrency experts predict it will continue to grow and soon surpass the value of bitcoin. Cryptocurrencies are not subject to the whims of central banks or governments. They are not backed by any kind of assets and exist only on the Internet. This makes them immune to the political influence that led to the current high price of 1 Bitcoin Cash to Bitcoin..
Will BCH rise again?
Bitcoin Cash (BCH) has had a rough year. The cryptocurrency has lost more than two-thirds of its value since reaching a high of $2,500 in early December. It’s currently trading at less than $600, a level not seen since October 2017, according to CoinMarketCap.com. Bitcoin Cash (BCH) is one of the most volatile cryptocurrencies out there. It is the fourth largest coin by market capitalization and it has the third largest daily trading volume. The coin was created in August 2017 as a result of a hard fork of the Bitcoin Blockchain. Bitcoin Cash is a fork of Bitcoin, and shares its history up to the block height of 478558. At this point, the Bitcoin Cash blockchain started and the history of both coins diverged.
What is Bchusd?
Bchusd is a decentralized marketplace built to encourage BCH as a payment mechanism. (It does this by limiting which payment methods are available to buyers and sellers.) The marketplace is similar to ebay, with one key difference: By design, it cannot be shut down by any governmental or other central authority. This is because the marketplace is run by a smart contract. In other words, a Bchusd transaction is a transaction between the buyer, the merchant, and their respective wallets. This is in contrast to a centralized marketplace like eBay, where the transaction is between the buyer/seller, and the platform (eBay). Bitcoin Cash (BCH) is a peer-to-peer, decentralized electronic cash system, which is not tied to a company, bank, or government. It directly connects buyers and sellers, therefore BCH has no transaction fees. BCH is the first cryptocurrency to implement the “ UTXO ” system. The UTXO system is a database approach to cryptocurrency. In the UTXO system, the process of confirming a transaction uses the data of the previous transaction. The solidity of bitcoin cash is its protocol which is governed by its users. This is one of the major differences between BCH and other cryptocurrencies. Its network is maintained and run by a group of volunteer developers and its community. The BCH community
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