Bitcoin Cash Consolidated in 2020; Its Price Is Expected to Double in 2021
In a nutshell, Bitcoin Cash has been in price consolidation all through the year. In January, BCH reached its peak price at $405, and in the subsequent months of February and March, there was a bearish reaction as the coin slumped to $133 low.
In other words, in the first quarter of the year, sellers have the upper hand as they pushed the price to the previous low. After the first quarter, BCH resumed a sideways trend. The price pulled above $180 and resumed a range-bound movement. The altcoin is neither trending up nor trending down as the coin continues its range-bound movement.
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150
Bitcoin Cash monthly chart indicator reading
Following its first-quarter performance, the price action was characterized by small body candlesticks. These candlesticks are called Spinning tops and Doji. These candles describe the indecision between buyers and sellers about the direction of the market. During such a period, a breakdown or breakout usually occurs. The altcoin is yet to encounter a breakout or breakdown.
Bitcoin Cash weekly chart indicator reading
This year, BCH has a peak price in January and a bottom price in March. In other words, the coin reached a high of $405 and a bottom price of $133. Thereafter, the coin fell into a tight consolidation between $180 and $320. For the past ten months, the range-bound levels have not been broken.
As already indicated above, Bitcoin Cash has been range-bound for most of the year. The coin has not been trending. The price has mostly been dropping slowly in the crypto currency market during February and March before the emergence of the COVID-19 pandemic which impacted the global markets. However, as 2020 draws closer, it is most likely the coin will reach a high of $300. In 2021, some analysts are optimistic that Bitcoin Cash will double within 12 months. Some are in agreement that Bitcoin cash can be as high as $520 and as low as $280.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
coinidol.com By Coin Idol