{"id":182958,"date":"2021-09-09T16:00:03","date_gmt":"2021-09-09T10:30:03","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=182958"},"modified":"2021-09-09T14:19:00","modified_gmt":"2021-09-09T08:49:00","slug":"what-will-the-best-case-outcome-for-bitcoin-cash-entail","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/what-will-the-best-case-outcome-for-bitcoin-cash-entail\/","title":{"rendered":"What will the best-case outcome for Bitcoin Cash entail"},"content":{"rendered":"

Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice<\/em><\/p>\n

Bitcoin Cash reaped the benefits of a bullish broader market of-late. Its value rose from its late-July lows of $384 to a local high of $805 – A near 110% increase in less than 2 months. Hence, an argument can be made that its daily drop of 14% on 7 September was actually healthy over the longer run.<\/p>\n

However, there are a few risks in the market. For instance, the formation of a symmetrical triangle did carry some threats of additional losses.<\/p>\n

For buyers, a close above an important zone would instill some confidence in the market. At the time of writing, Bitcoin Cash was trading at $666.5, up by 1.4% over the last 24 hours.<\/p>\n

Bitcoin Cash 4-hour Chart<\/strong><\/h4>\n
\"\"<\/a>
Source: BCH\/USD<\/a>, TradingView<\/figcaption><\/figure>\n

BCH snapped an unwanted milestone once the price declined by 14% a couple of days ago. Such a drastic move was last observed on 21 June, after which BCH hit a near 5-month low at $385. As the dust settled after BCH’s latest drop, lower highs and higher lows gave rise to a symmetrical triangle.<\/p>\n

The pattern normally holds equal chances of a breakout in either direction, but since the prior trend was bearish, the pattern can be expected to play out as a continuation of the same. In this case, a breakdown would be confirmed once BCH slips below its 4-hour 200-SMA (green).<\/p>\n

The $621 price level has been active since mid-August and posed as the first area of defense. Moreover, the $583 support would take the center stage if selling pressure is not abated instantly.<\/p>\n

To trigger a favorable outcome, buyers would look to step in at the 4-hour 200-SMA. From there, a close above $700 would account for the best-case scenario.<\/p>\n

Reasoning<\/strong><\/h4>\n

As BCH took shape in a symmetrical triangle, most of its indicators looked to steady ship. The Awesome Oscillator and MACD eyed a move towards each of their respective lines as some buying pressure trickled into the market. This was expected since the price does stabilize within the aforementioned pattern before a breakout.<\/p>\n

However, the RSI still maintained its bearish nature and traded below 45. This indicated that there was weakness in the market – Something that sellers could capitalize on going forward.<\/p>\n

Conclusion\u00a0<\/strong><\/h4>\n

Bitcoin Cash’s symmetrical triangle can be expected to trigger a southbound move on the charts. In such a scenario, buyers could look to step in at $621 or lower down at $583, depending on how severe the next wave of selling pressure is.<\/p>\n

On the other hand, the best-case outcome for buyers would be to enforce a close above $700 from the 4-hour 200-SMA (green).<\/p>\n","protected":false},"excerpt":{"rendered":"

Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Bitcoin Cash reaped the benefits of a bullish broader market of-late. Its value rose from its late-July lows of $384 to a local high of $805 – A near 110% increase in less than 2Continue reading “What will the best-case outcome for Bitcoin Cash entail”<\/span><\/a><\/p>\n","protected":false},"author":37,"featured_media":183001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[41,52,18,66,3,4,20],"tags":[],"class_list":["post-182958","post","type-post","status-publish","format-standard","has-post-thumbnail","category-analysis","category-bitcoin-cash-bch-news","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nWhat will the best-case outcome for Bitcoin Cash entail - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin Cash reaped the benefits of a bullish broader market of-late. 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