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The king cryptocurrency, Bitcoin, dropped to $44,333 as the excitement over ETFs faded in the short term. High volatility is something we are accustomed to, and we have never witnessed a continuous upward trend in crypto prices. We need to see fluctuations similar to what we are experiencing now for the formation of the wicks at both ends of the monthly charts.
Bitcoin Cash (BCH)
On the weekly chart, the BCH price has been rising since the beginning of 2023. The price’s ascent was supported by EDX Markets after breaking free from a decreasing resistance line. However, shortly after the listing in June, the decision to delist BCH Coin by trillion-dollar giants led to an abrupt reversal of fortunes.
The BCH price had formed a higher low in June and subsequently reached $329. This peak still stands. After a brief decline, BCH rebounded from a horizontal support area but failed to surpass a key region.
The weekly RSI does not provide a clear reading, and considering the negativity in the BTC price, a short-term downward trend may continue over the weekend. With the decrease in ETF excitement, BTC fell to $43,800, experiencing a drop of approximately $5,000.
BCH Price Prediction
There is also no clear direction on the daily chart. BCH has been trading within a rising parallel channel since August 2023. These channels often trigger corrective movements. Although the price may show flexible movements towards the resistance area of the channel with the support of the general market sentiment, the EDX Markets delisting move has undercut the hopes for a “comeback” for BCH.
If a strong recovery in altcoins occurs, an exit from the parallel channel could lead to a rise up to $390. Conversely, if the short-term downtrend triggers a downward breakout from the channel, BCH Coin investors could see losses down to $230.
The latest inflation data was bad, and with employment data also coming in negative, cryptocurrencies may experience a period of deflation in the growth bubble as we approach the end-of-month Fed meeting. Therefore, investors should be cautious of sudden directional changes and take into account the aforementioned targets for BCH.
