Bitcoin Cash (BCH) Price Vulnerable to Decline, Here's Why
Bitcoin Cash (BCH) Price Analysis
Bitcoin Cash price is seemingly about to breach a crucial barrier but the investors' behavior suggests that a decline is the next move.
Bitcoin Cash Whales Signal Drawdown
Bitcoin Cash price will potentially bear the impact of the bearishness exhibited by the whales. These large wallet investors tend to sway the direction of the price action. Historically, their selling has induced corrections, while accumulation has resulted in rallies. This time around, the outcome is expected to be bearish since the addresses hodling between 1,000 to 10,000 BCH have been consistently selling since March began. Nearly 50,000 BCH worth over $25 million were sold in the last week alone.
BCH Price Prediction: What to Expect
If selling begins, Bitcoin Cash price will likely fail in testing the $501 resistance as support, even if it does manage to breach it. A decline to $448 will result in BCH losing the 50-day Exponential Moving Average (EMA). Falling through this support will result in a drop to $400 or $378, which marks the confluence of the 100-day EMA. However, the altcoin could invalidate the bearish thesis if the breach and testing of $501 as support be successful. BCH would then be open to rising towards $520.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.