Bitcoin Cash

Bitcoin Cash (BCH) bulls managed to prevent a significant price drop below the $230 support level last week. On-chain data provides insights into potential price movements that can be expected if BCH bears take control.Stable network usage and increasing transaction activity kept BCH price consistently above the $200 level for two consecutive months. However, recently, long-term investors have continued to take profits.<h2 id="header-0">Bitcoin Cash holders continue to make cash withdrawals!</h2>Bitcoin Cash, Investors Who Saw It Rise Above $320 Towards the End of June, Pulled Enough Basic Network Demand to Support Bullish Rallies. However, on-chain data suggests that long-term investors continue to withdraw capital, resulting in a drop in BCH price.Steady network usage and increased transaction activity kept BCH price above the $200 level for two consecutive months. However, recently, long-term investors have continued to take profits.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/45530cd8b3214ee0bbe31283220bab9f.png" />As of mid-August, the bearish trend of profit-taking has not diminished. As shown in the chart below, BCH recorded another significant increase this week. On August 14, Age Consumed approached 3 million for BCH, reaching a higher level than the total of the previous two days.Age Consumed evaluates changes in the trading activities of long-term investors by multiplying the number of coins traded recently by the number of days since they last moved. This week&#39;s three-digit increase in BCH Age Consumed implies that many long-term investors are still converting to cash.If this trend continues, it could hinder significant price recovery for BCH bulls.<h2 id="header-1">BCH Price Momentum Still Mostly Neutral! </h2>Bitcoin Cash maintained significant network demand after reaching enthusiastic price peaks in June. According to Relative Strength Index (RSI) data confirming this stance, despite downward pressures resulting from long-term investors&#39; profit-taking, BCH price momentum remains largely neutral. As shown below, BCH&#39;s daily RSI has remained in the mid-40s of the neutral zone since early August.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/6715320794da4ad7980b597b9ee1319c.png" />Relative Strength Index data evaluates the strength and momentum of the current price trend of an asset. Critical overbought and oversold RSI values are considered 70 and 30. As observed above, when it hovers in the mid-40s, it indicates relatively balanced recent price movements.Clearly, while long-term investors are selling, other strategic BCH network participants are buying, thereby increasing new demand. Therefore, Bitcoin Cash, without significant bias towards buying or selling pressure, will likely continue to stay above the $200 support level for now.<h2 id="header-2">BCH Price Prediction:</h2> Consolidation Above $200 Before a Potential Rally As the crypto market awaits the next rally across the industry, BCH is likely to consolidate above the $200 support level. The Price Around Money Flow (IOMAP) data, which illustrates the buying price distribution of current holders, also adds confidence to this upward price prediction.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e5dfdc2a0a98440b9dde6a90ec4e342c.png" />In the chart below, 39,000 addresses have bought 1.41 million BCH tokens at an average price of $217.51. Notably, this cluster of holders presents the most significant supply wall around the current 20% price limits. If this support level holds, the next buying wall around the $205 region could prevent BCH from falling below $200.However, if momentum turns positive, BCH bulls may embark on a recovery mission towards the $280 region. In this scenario, a resistance-triggering retreat could be initiated by 164,000 addresses that purchased 1.31 million BCH coins at an average price of $240. Breaking this resistance could successfully bring Bitcoin Cash back to $300.https://kriptoparahaber.com/bitcoin-cash-satis-baskisi-artiyor-200-dolarlik-destek-tehdit-altinda-mi/

Bitcoin Cash Analysis: Increasing Selling Pressure on BCH, Is $200 Support Under Threat?

Table of Contents

Kripto Para Haber

Other articles published on Aug 15, 2023

Crypto : L’USDT va de mal en pis !

Several Alts May Get Squeezed This Week, Predicts Analyst

Can PepsiCo Inc. (PEP) Stock Beat the $196 Mark Anytime Soon?

Crypto's Crossroads: Duelling Visions on Bitcoin Spot ETF's Rejuvenation or SEC Denial

Litecoin Halving: Details of the Event and its Effect on Price

SBF might suffer from depression and ADHD, needs meds in jail

Join our free newsletter for daily crypto updates!