BCH Passes the Strength Test Before $1840

On 9-10 January, a very important event happened on the BCH market. Buyers managed to break through the global consolidation, in which the price was traded for more than 2 years. The upper limit of consolidation of $450-$500 has moved under the control of buyers. Trading volumes during the struggle for the critical range were some of the highest this year. And in principle from 16 November BCH is quite popular if you take into account the statistics of Coinmarketcap. The daily trading volumes on the BCH market are $5,687,747,472, which allows it to take 5th place among all crypto coins.

The range of $450-$500 should show whether buyers are ready for a bull run

In the previous article, we wrote a basic requirement for continued long-term BCH growth. As early as the second day, buyers prove to the market that they have enough strength, keeping the range of $450-500:

BCH

In addition, on the chart we see that the trend line, which buyers have been skillfully keeping since 21 December, is now in close contact with the price. The trading volumes during the reduction of the BCH price from 11 January show that investors are not very interested in selling the coin. Therefore, the probability of working out our main global scenario with a target of $1840 is very high.

In a positive scenario, a new wave of growth should begin by the end of the week

Let's consider the situation in the BCH market in a smaller timeframe. We see that after sellers returned to the lower limit of the global consolidation channel, a triangle was formed.

BCH

Sellers are trying to keep the mark of $540. Though, they do not have the strength to push the price down. The current local fall wave may be the last, before the breakout of the upward triangle and the beginning of a real rally.

Nevertheless, it is still worth being prepared. The BTC price continues to consolidate at historical highs. While the range of $32,000-$33,000 is still under the control of buyers - the future looks colorful. But, the loss of this range may return the BCH price within two years of consolidation.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

BCH Passes the Strength Test Before $1840

Peter Oleshchuk

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.