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Is this the best time to buy again? BCH price correction as an opportunity.
As crypto pioneers and analysts says, during a bear market is the best time to build your wealth/portfolio in crypto. Accumulating the asset that has a fundamentally huge upside potential that is currently at a very huge discount (from its all-time high) is the best approach while waiting for another crypto market cycle (bull market).
Bitcoin Cash is one of the best option to have in our portfolio as it has already fundamentally proven its worth during its 5 years of its existence. It has survived lots of downfalls but it always managed to came back as one of the best performing crypto asset to be in everyone's portfolio.
During a market bull run 2 years ago, Bitcoin Cash outperformed Bitcoin in terms of price growth where we saw Bitcoin Cash was up by more than +500% in just a span of less than 6 months. During that time, Bitcoin Cash went over $1,600 and we had wish since then for Bitcoin Cash to go back below $1,000 to accumulate more.
After more than a year since reaching that high, Bitcoin Cash went to $95, just over -20% more to reach its all-time low, due to bad market conditions. And this unexpected opportunity came before our eyes which is indeed the best time to jump in to not make the same mistake of being left behind again.
Currently, Bitcoin Cash is trading around $137, a growth of over 45+% from this year's low. It has corrected to more than -17% after making a run to over $160 per Bitcoin Cash. If you have read my previous article about BCH price analysis, it was almost 100% accurate and I'm expecting for it to reach my targets in the coming months. If you want to read it, click here and I will also leave a link below.
This wasy previous charting from my previous analysis and it's an accurate one where BCH were rejected clearly from the resistance that was once a support.
This currently my charting for BCH. As shown in the image, BCH respected the $129 support and bounced from that area. It was once a resistance and currently flipped into a support for the price of BCH.
But the most noticeable in the chart is that the confluences are giving indication for a possible continuation of growth for BCH. As you can see, the daily chart of BCH formed a big cup and currently trying to create a handle. I am expecting that the handle will be created not long from now and if this plays out, BCH might target $200 in the coming days according to chart.
The cup and handle pattern is a bullish pattern where traders are waiting for an opportunity if the pattern breaks out, their will be a possible huge buying volume continuing the run of BCH.
However, if the cup and handle pattern failed, the most possible scenario is that BCH might range from the rejected resistance to the flipped support before deciding for the direction to go.
BCH has a strong support at $117 and this also confluence as this is where the daily MA50 lies that also acts as a strong support for BCH. If BCH losses this support and trading below the daily MA50, there is a high possibility for it to be in a down trend in daily once again. But if BCH continues to hold this level and manage to break the $170-$117 range in an upside direction, BCH can easily go above to $200 in the next coming days or weeks.