Bitcoin Cash ABC price analysis: $450 is an easy target now

Credit: Pixabay

It’s been an extraordinary month for Bitcoin Cash ABC. Even though the coin is still 55% below its price from a year ago but it has gained 66.9% over the previous thirty days, so it is recovering well. That’s not the weird part. It’s that Bitcoin Cash Satoshi’s Vision (BSV) is doing great with green numbers at the tune of 10.3% for the day and 95.2% for the week. It’s usually the way around.

BSV’s good behavior probably has to do with the network’s upgrade that’s supposed to be fully deployed for two days already. Before the last few days, however, BSV’s market performance had been a disaster.

BCH has had a good day yesterday and started well today, too. The cryptocurrency is holding its grounds once again.

We’ve seen that same pattern happening, more or less at the same time, in other cryptocurrencies today, so maybe it’s something to do with the cryptosphere in general rather than with particular coins, but there’s not been any trigger in the news that could justify the described behavior. At least not so far.

After it hit the lowest point of 381, BCH has been recovering in value slowly and with minimal trading volumes. Additionally, the Bollinger bands have been narrowing down as the price improves so while the curve is going up, chances are it’s heading towards a period of stagnation in which no discernable trends will allow traders to make money on hourly or daily trades.

The market sentiment is of 77% bulls, but they’re failing to make a dent in the day’s charts. The coin is trading at $441 as we write this.

In the hourly technical analysis, the price is at the halfway point between the pivot point and the first resistance level, so it could keep going up slowly but steadily until it tests the 450.11 resistance.

Source: CoinMarketCap.com

The daily analysis is another story. Here, the price is barely above the first support level (400.03). Standard technical analysis lore says that the market should support the asset when it loses 49 more cents of value, and then it should bounce back up. But only today we’ve seen several supports level staying unbroken on the coin’s way upward, so it doesn’t seem like today will be the day in which we will write technical analysis textbooks based on BCH’s behavior.

But if you want to see even more mixed signals, there’s always the monthly analysis in which the first resistance level is far beyond the current price (441) and the second resistance is at 468.62.

Both the daily and the monthly numbers point to a bullish scenario in which the price will keep increasing. In the first case, it will be because the price finds support; in the second case, it will be because the second resistance level is tested and broken on the uptrend.

But the erratic behavior apparent in today’s BCH market suggests that the safest way to go is to wait for a day in which all the ducks line up.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Saeed Ul Hassan: Saeed Ul Hassan got into the crypto world since 2012. He, in fact, works as a data executor for big firms but finds cryptocurrencies very exciting and hence has been involved for an accountable time now. Saeed started traded digital assets amid the entrance to the crypto market and now writes, too. He specializes in technical analysis.