Bitcoin Cash (BCH) Price Prediction: A Profit of 40% Could Come Soon
The market of cryptocurrencies is presenting an encouraging forecast for the most important at least, with Bitcoin dominating the scene and marking the way for the rest of the altcoins.
Despite the current corrective moment, BTC and the market have high volume of operations and market capitalization, which gives strength so that prices do not fall.
One of them is Bitcoin Cash (BCH) which at the time of writing its price is $ 280.31 per unit with a decrease of -4.23% in the last 24 hours. Its market capitalization is about $ 4.97billion dollars, keeping the cryptocurrency in the number four position of the general ranking.
For the short term, the cryptocurrency presents an upward trajectory with an estimated break at the level of $ 277 that is expected to reach the cryptocurrency in the coming hours.
The altcoin moving average for 60 days has been broken by BCH in recent days and may continue for the next few hours.
The Aroon Downtrend indicator drops precipitously, which allows us to infer the start of an upcoming bullish rally for the Bitcoin fork. Chaikin Money Flow (CMF) has begun to take an upward turn, which can be interpreted as the entry of capital again for the BCH ecosystem that is a symptom of higher demand for altcoin.
For medium-long term, BCH to 1D has a recovery scenario and a movement between support levels S1 ($ 172) and immediate resistance R1 ($ 382.75).
There is a forecast for a possible 40% in approximately 35 days, due to the repetitive elliptical panorama in an inverse manner.
SMA 50 days is already exceeded and it is possible that this upward trajectory is maintained for a longer time. Stochastic has made a new upward change, symptom of the higher buying pressure by investors who already sniff the next price booster in BCH.
On the other hand Awesome Oscillator (AO) has begun to lower with less force and it is possible that at any moment we see an upward change of the indicator.
Bitcoin Cash is a resulting fork (the first in history) of Bitcoin (BTC) on August 1, 2017. The main Bitcoin Cash offer (BCH) is written in its name: cash. Be a much faster payment method than the original Bitcoin.
In order to meet this goal, its developers decided to make a significant increase in the size of the blocks of the original network, going from 1 MB to 8 MB and from there to the current 32 MB.
Bitcoin had to scale, its capabilities had to improve as soon as possible to be able to continue working with a greater number of users, all agreed but the lack of consensus on how it was that originated the division.
By November 2018, BCH suffered a new hardfork, where the so-called ‘war of hashes' originated that resulted in two positions: BCHABC and BCHSV. As a result, prices of crypts as is known, fell sharply generating the so far prolonged Crypto Winter.
Transaction fees at BCH are 39% cheaper than doing at BTC. But it barely represents 3% of total BTC transactions. Both use the PoW algorithm, with the difference that BCH adjusts the difficulty thanks to the Difficulty Adjustment Algorithm (DAA) every 24 hours as opposed to Bitcoin approximately every two weeks.
BCH currently has a reward of 12.5 BCH per block solved, until April 2020 when it is cut in half. On average, users reach only $ 0.14 per block as payment of fees for miners.
BCH is supported by around 26 portfolios and is listed in more than 40 exchange houses. The vision of Bitcoin Cash is to spread throughout the globe with almost immediate and free transactions.