Over the last week, BeInCrypto has taken a good hard look at the charts and supplied a daily Bitcoin Cash (BCH) price analysis. With only one day left until the high-profile hardfork, let’s take a look at the most up-to-date happenings.
Bitcoin Cash (BCH) continues to dump ahead of its highly-controversial and high-profile hardfork, along with the rest of the market.
At the time of this writing, Bitcoin (BTC) is experiencing a bit of a freefall towards $5.5k per coin, and Bitcoin Cash has likewise continued its descent.
As the above chart shows, BCH has re-entered the downward channel it previously managed to break out from — a sign that doesn’t exactly inspire confidence.
Selling volume has experienced a strong uptick, indicating that very few buyers are looking to get involved with Bitcoin Cash before the hardfork. That said, the possibility still exists for an eleventh-hour buying spree to capitalize on the free forked coins — but time is running out, as many exchanges will freeze deposits and withdrawals leading up to the fork.
The Stochastic Relative Strength Index (Stochastic RSI) is also heading straight downwards and suggests there is still more room to fall. We expect the price to head down into oversold territory in the coming hours.
The daily chart, without any fancy lines drawn, suggests that BCH is heading towards a full retracement from its pre-fork pump. Entering a position here, under current market conditions, would constitute a very high-risk move— with the daily Stochastic RSI clearly heading towards oversold territory.
It appears buyers are not particularly keen on filling their BCH bags before the hardfork. That said, this is crypto, and things can change in an instant.
Check out our previous Bitcoin Cash (BCH) price analysis articles here:
What do you think about the pre-fork price action on Bitcoin Cash (BCH)? Let us know your thoughts in the comments below!
[Disclaimer: The author of this article holds Bitcoin (BTC) but does not hold any Bitcoin Cash (BCH). This is not financial advice, and should not be construed as such. It is for informational purposes only. BeInCrypto is not responsible for any financial decisions made by any readers. Trading in cryptocurrency is notoriously volatile and we recommend anyone interested consult with a trained financial professional.]