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September 19, 2020
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Bitcoin Cash is showing signs of a possible bullish

Bitcoin Cash may rise up to 45% in a medium and long term space

Roger Ver’s Bitcoin Cash is now below Tether in fifth place at CoinMarketCap, boasting a market value of $ 4.46 billion. The BCH, like other altcoins, followed the latest Bitcoin hike and therefore posted a 4.38% rise in the last 24 hours. Furthermore, the future of Bitcoin Cash looks quite optimistic, with a potential increase ranging from 15% to 45% in the medium and long term.

Bitcoin Cash daily chart

Source: BCH / USD TradingView

The daily chart showed a local fund at $ 216 and, after that point, the BCH rose 11.65% in the last 3 days. In addition, the rise is a repeat of what happened in February 2020, a time when the price came close to exceeding 2019 highs.

Entreyanto, the 2019 highs were kept unbeaten and the price fell below its initial position. For the time being, at the time of this writing, BCH was stuck between important levels of support and resistance.

As seen in the charts, the next important level is the $ 280.47 resistance, a level that is approximately 15% of the marked time price and is also the BCH’s immediate target. The price journey from here will be a complicated situation, as it can be rejected here, since it tripled last month. On a low note, the price can be rejected and return to $ 204.30, which would be a 27% drop.

Bitcoin Cash is showing signs of a possible bullish 25
Source: BCH / USD TradingView

However, the bearish scenario seems unlikely due to the development of a bullish divergence. The divergence, combined with the RSI’s position, provides at its price the space needed to rise further without blinking excessively.

In addition, the extended bear market appears to be coming to an end, as all POW coins have been halved. It is important to note that Bitcoin went through its third halving, causing many miners to become inefficient. Therefore, Bitcoin seems anything but optimistic in an extremely superior period of time. As altcoins have an inherent correlation with Bitcoin, this can propel the currency to new highs against BTC.

In the medium to longer term, the bullish scenario for the BCH looks plausible, especially if it exceeds $ 280.47; the next target would put the BCH at $ 352.92. This would mean that the currency is expected to rise 45%.

Either way, a long position from the current price to $ 280.47 seems viable. A $ 280.47 breach seems more likely, however, the correlation with Bitcoin can be both a gift and a curse. If the latter, the chances of the BCH reaching $ 352.92 or a 45% increase from the current price seem likely.

Source: AMB Crypto

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