The post Bitcoin Cash (BCH) price forms a falling wedge: Is it safe to buy? appeared first on CoinJournal. A break below the support at $220 will invalidate the bullish view. If this happens, the next level to watch will be at $280. Most importantly, this pattern is nearing the confluence level, signaling that a bullish breakout is possible. However, a closer look shows that the coin has formed a falling wedge pattern, which is usually a bullish sign. It has moved below the 25-period and 50-period moving averages. The 4H chart shows that the BCH price has been in a strong bearish trend in the past few days. It has dropped continually to the current $317 million, as shown below. Binance has over $167 million while OKX has $58.9 million.īitcoin Cash’s open interest peaked at over $541 million after the Ripple vs SEC lawsuit. Open interest dropped to $317 million with most of it being in Binance, OKX, Bybit, Bitget, and dYdX. Meanwhile, data showed by Coinglass shows that open interest in the futures market has dropped by more than 1.45% in the past 24 hours. Therefore, another bearish rate hike will be a positive thing for cryptocurrencies. Inflation has been falling after peaking at 9.1% in 2021. It will also signal that this will be the final rate hike this year since inflation is falling at a faster pace than expected.ĭata published earlier this month showed that the American consumer price index (CPI) dropped from 4.1% in May to 3% in June. Economists believe that the bank will decide to hike interest rates by 0.25%. The next likely catalyst for Bitcoin Cash and other cryptocurrencies will be the upcoming interest rate decision by the Federal Reserve. By the end of December 2021, the maximum ALGO coin price is expected to be 1.8340 ( +29. It also mirrors the performance of other major cryptocurrencies like Bitcoin, Ethereum, and Litecoin. TradingBeasts ALGO Coin Price Prediction According to TradingBeasts opinion, the Algorand cryptocurrency’s expected maximum price may reach 1.88011 ( +32.4 ) during March 2021. This trend started on June 30th when the coin soared to a high of $329. Fed interest rate decision aheadīitcoin Cash price has been in a strong downward trend in the past few weeks. This means that BCH has dropped by more than 27% from the highest point this year. The coin dropped to a low of $240 on Wednesday, much lower than the year-to-date high of $329. Bitcoin Cash price has formed a falling wedge pattern on the 4H chart.įocus shifts to the upcoming interest rate decision by the Fed.īitcoin Cash price has retreated in the past few weeks as the recent momentum in the crypto industry waned.
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