Bitcoin Cash (BCH) Analysis โ€“ Sellers Ready for the Killing Blow?

Bitcoin Cash (BCH) Analysis โ€“ Sellers Ready for the Killing Blow?

As expected, the FED confirmed its aggressive monetary tightening by raising its key rates by 75 basis points for the third consecutive meeting. However, many investors wanted to believe in a moderation on the part of its president, Jerome Powell. Nay! Indeed, the latter reaffirmed his remarks during the last symposium of Jackson Hole.

Moreover, further increases would be expected in reference to interest rate projections at 4.25% in 2023. This could largely explain the all-time high of the Dollar Index since June 2002 and the umpteenth fall of the euro/dollar below parity.

Unsurprisingly, cryptocurrencies find themselves under pressure to the point that some of them could falter. As proof, Bitcoin Cash (BCH) is only a stone’s throw from its ATL. And all it would take is a small grain of sand for this scenario to materialize. This would constitute a real blow to the faithful who have dissociated themselves from the community of Bitcoin (BTC).

Bitcoin Cash โ€“ Prices inside the range between $103 and $152

Since its descent into hell following its failure under the resistance of $390, Bitcoin Cash navigates in a tidy or horizontal channel between the support at $103 and the resistance at $152. In the middle of the summer season, we thought the prices would come out on top. But unfortunately, this possible technical signal did not take place due to the renewed tension regarding the current uncertainties in the financial markets.

Weekly Bitcoin Cash Price Analysis - September 22, 2022

From now on, BCH prices are approaching the bottom of the tidyso that all the fundamental and technical elements are present. Therefore, cryptocurrency investors should watch the $103 support carefully. Because, as we speak, the sellers seem determined to definitely deliver the coup de grace.

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Firstly, Weinstein’s phase 4 is far from threatened. And for good reason, the downward slope of the 30-week moving average (MM30 weekly) which is heading towards the top of the tidy, would deter potential buyers. And on the other hand, the progression of the technical indicators towards their respective fold lines starts to sag.

Now, let’s zoom it tidy bitcoin in daily units to discuss possible scenarios.

Bitcoin Cash โ€“ Breakout of $103 within range?

If the tidy current situation allowed to pause the bear market of the BCH cryptocurrency since its last ATH in May 2021, we have not seen a large technical rebound. This proves the lack of interest of investors vis-ร -vis this cryptocurrency, who herself has been struggling to restore her image for a long time.

Daily Bitcoin Cash price analysis - September 22, 2022

This stagnation in BCH prices between $103 and $152 since mid-June could augur a powerful move in one direction or the other. And given the current market context, the balance would tip primarily for a break of $103. In this case, prices would drop back towards its ATL close to $80. But if we look at them far upstream, the last wave of declines had already definitively buried the last bullrun.

In the event of a short-term capitulation of the sellers, the levitation of Bitcoin Cash beyond $103 could lead us to a price rally without crossing the top of the range at $152. Especially since it would above all have to go through a road strewn with pitfalls to envisage a reversal of the trend.

BCH โ€“ A bear market close to capitulation?

The Bitcoin Cash bear market has come a long way. From a graphical point of view, we are not far from a capitulation. And maybe it has even happened, without investors realizing it. Not only that, the $270 which was the take-off point of the last bullrun, gave way. But, the dynamics of the MM30 weekly and that of the MM200 daily seem to condemn the prices towards the depths.

That is why it seems necessary and legitimate to question the existence or credibility of the BCH cryptocurrency. And it is clear that it does not stand up to the BTC, if we compare the evolution of their market capitalizations since August 2017. Thus, the long crossing of the desert mentioned at the end of last June no longer seems to suffer from any doubt.

Without prejudging what could happen in the future, a potential disappearance of Bitcoin Cash would not elicit strong emotion from many cryptocurrency investors. And with good reason, this bear market would eliminate the worst performers in the class. With the fear that there will ultimately be a large quantity of themโ€ฆ

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