At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. In our April 24 analysis of Bitcoin Cash (BCH), we predicted short-term decreases. Our prediction was validated on Apr 25, when the price reached the support area we defined. To learn more, read our latest BCH/USD($) and BCH/EUR(€) analysis below:
On Apr 15, the price reached a high of $335 and €296. It has been gradually decreasing since, reaching lows of $280 and €253 on Apr 21. After a slight increase, the price began to decrease sharply.
Bitcoin Cash (BCH): Trends For April 26, 2019
- BCH/USD and BCH/EUR reached a high on Apr 15.
- Bitcoin Cash is trading inside a descending channel.
- Bullish divergence is developing in the RSI and the MACD.
- There is resistance near $280 and €254.
Descending Channel
The price of BCH/USD on Coinbase is analyzed at one-hour intervals from Apr 15 to Apr 26. This is done in order to trace the current trading pattern. In order to avoid confusion, we will not be using images of the BCH/EUR pair until we address future possible price levels. There, the relevant resistance and support areas will be shown in dollars and euros.
On Apr 16, Bitcoin Cash reached a high of $324.9 Several market cycles have been completed, and the price has created lower highs.
Tracing these highs gives us a descending resistance line:
On Apr 15, the price reached a low of $298. A gradual increase was followed by a decrease. Bitcoin Cash has made several lower lows since.
Tracing these lows gives us a descending support line. Together, the resistance and support lines combine to create a descending channel:
It is likely that the price will keep decreasing at the rate predicted by the channel until a decisive move occurs.
In order to predict the direction of this move, a look at technical indicators is required.
Technical Indicators
The price of BCH on Coinbase is analyzed alongside the MACD and the RSI.
The moving average convergence divergence (MACD) is a trend indicator that shows the relationship between two moving averages (long and short-term) and the price. It is used to measure the strength of a move.
The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market.
These are shown in the graph below:
Resistance Areas
Resistance areas are created when the price revisits the same level several times. They can provide reversal areas in case a breakout/breakdown occurs.
One support area is shown for BCH/USD and BCH/EUR in the graphs below:
Summary of Analysis
The price of BCH is likely to increase towards the resistance area we have outlined above. Price could reach levels around $280 and over €250 in the short term. Do you think Bitcoin Cash will begin to increase? Let us know your thoughts in the comments below. To read our 2019 and 2020 price predictions for Bitcoin Cash, click on the green button below: Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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