BCHBTC: Bitcoin Cash BULLISH: A Rare Opportunity
Can Bitcoin Cash Reverse The Two Year Bear Market?
As Bitcoin and Ethereum prices collapse, Bitcoin Cash seems more resilient and recovers easier from BTC dips.
For months, we overlooked a long period of consolidation forming in the Bitcoin Cash / BTC trade, perhaps giving today an indicator of a massive breakout to the upside for Bitcoin Cash.
All that while the bad actors collapse.
Many suspected FTX and Celsius of foul play, although perhaps it was not the only custodians with massive gaps in their balance sheets.
(Source: TradingView)
This article is not financial or trading advice but chart observations, following ideas and indicators from TradingView.
We examine the BCHBTC ratio. I finished writing this article at a BCH price of $105 (and BCHBTC at 0.0670) on November 22nd.
BCH to BTC Stable For Months
As BTC collapses for months making new lows, Bitcoin Cash flashes a bullish signal.
The BCH / BTC chart shows strength, with Bitcoin Cash ready to break the 0.0067 resistance. After that, there's not much resistance until 0.09-0.1 BTC.
Resistance will be visible once BCH reaches there, although there doesn't seem to be a solid point of resistance above 0.0067 and until 0.013.
The 0.009 line is not likely to define strong resistance level and BCH should pass right through it. It could act as the new short term support later for the next part of the waves that are brewing.
If 0.068 breaks decissively, then the pattern becomes bullish.
Interestingly, the BCHBTC decline halted after the downfall of Celsius and exhibits strong signs of recovery right after the collapse of FTX.
A Bullish Case For Bitcoin Cash? Tradingview Suggests So!
(Source: TradingView)
Bitcoin Cash seems over-shorted for a long time, and the price bottom of $100 seems to be holding at a time when BTC drops to a two-year low price.
Technicals for Bitcoin Cash point a bullish signal.
Moving averages and oscillators are most indicating a "Buy":
Even at the BCHUSD chart, Bitcoin Cash is convincing investors, having found strong demand at $100.
BTC investors are allocating funds into Bitcoin Cash, applauding the work performed by the community for several reasons:
On-chain developments with Cash Tokens
St. Kitts & Sint Maarten’s legal tender adoption
Rising adoption of P2P Cash as a proper alternative to CBDCs
Traders at TradingView, propose recently bullish price predictions:
There's no doubt that a promising long-term opportunity appears.
With 1 BTC, an investor can currently exchange to 148 BCH!
An exorbitant difference. The current BCHBTC ratio presents a rare occasion that might not last long since that enormous gap only formed within the last 15 months.
Even trader "sytherax" changed his view on Bitcoin Cash, realizing the vast upside potential. Maybe this chart prediction is not TA-based, but clearly, the BCH chart can outperform BTC for the next two to three years. Adoption is rising, users and merchants adopting Bitcoin Cash increase, and the latest news from St. Kitts & Nevis & Nevis adds to the positive sentiment.
Most traders see in the BCHBTC chart potential for Bitcoin Cash price.
In Conclusion
Bitcoin Cash maintains strong support at $100 while also increasing the BCHBTC ratio for months after a protracted decline.
The recent price stability with a newfound demand for Bitcoin Cash indicates an entry point and a decent long-term option for investors.
BCH can regain $300 within Q1 2023, unrelated to how BTC proceeds since the BCHBTC trend seems ready for a breakout.
Bitcoin Cash outperforms in adoption terms and presents disruptive developments. However, the price only lately seems to be reacting, raising hopes for a better future valuation.
Lead Image on Pixabay
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No Financial advice. Do your own research.
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I hope it will continue to rise