Bitcoin Cash is the fork of the fork by itself for most of 2020. With the start of a new year, BCH seems to be doing the same. It continues its perennial trend and plays it safely. This article was written to take a look at Bitcoin Cash in both the short and long term time frames to determine if things are changing or not.
On the 1-hour chart, BCH respects round bottom support as it tested more than three times last month. Moreover, with the pressure to buy, it pushed the price from $ 100 to $ 260 in 4 days. Right now, the price is close to the local peak and is looking to take a hit on prices, especially in the last two weeks of December, after two unsuccessful attempts.
Things seem to be both in a bull run and not while Bitcoin is rising, some altcoins are performing well while others are struggling. A common theme in most altcoins is that their value in terms of BTC decreases more rapidly with every step bitcoin takes.
Perhaps the most BCH can do right now is to try to overcome the $ 10 hurdle of the local summit ranging from $ 373 to $ 383. So, there seems to be an uptrend in a short term time frame.
The one-day chart shows a clear picture of the multi-year round bottom model that has been standing since mid-2019. As mentioned, a good time to enter a long trade would be in the range of $ 309 to $ 328. This assumes that there will be an soon withdrawal from BCH and will reduce the price from 9% to 14%. This makes sense considering the above-mentioned local peak which prevents the price from falling three times in the daily time frame.
As a result;
In the extreme bearish scenario, we can expect BCH to retest the rounded bottom and then move forward by breaking the local peak. At a lower level, BCH looks good for scalps, but at a higher time frame, care needs to be taken as to where BCH might go. Chances of returning to the above range or a break at the local peak are equal.
