Annual Forecast for Bitcoin Cash (2021): BCH Will Rise With a Strong Capitalization

Annual Forecast for Bitcoin Cash (2021): BCH Will Rise With a Strong Capitalization

Major supply zones: $400, $420, $440
Major demand zones: $250, $230, $210

In 2020, Bitcoin Cash trades in a sideways move. The price movement was only in the first quarter of the year. In the remaining months, the crypto was merely consolidating above the current support. In January, BCH has an opening balance of $203 and the coin rebounded to reach a high of $405. In February and March, the coin suffered a breakdown. The coin fell to $133 low and pulled back. After the first quarter, the price action was characterized by small body candlesticks like Doji and Spinning tops. These candlesticks are indicating that buyers and sellers are undecided about the direction of the market.

BCH/USD – Monthly Chart

Bitcoin Cash (BCH) Price Prediction: Monthly Chart
From the chart, the February candlestick has a long wick while the March candlestick has a long tail. The long wick indicates that there is strong selling pressure at a higher price level. Also, the candlestick with a long tail is indicating strong buying pressure at a lower price level. Therefore, the upward move or downward move may face resistance. This is the reason for the sideways move.

BCH/USD – Weekly

Bitcoin Cash (BCH) Price Prediction: Weekly Chart
In the weekly chart, the price action is characterized by small body indecisive candlesticks. The candlesticks are describing that sellers and buyers are undecided about the direction of the market.


Conclusion
In 2020, the price has stabilized between $200 and $380. In the current year, the crypto has not been trending but in a sideways move, It is assumed that Bitcoin cash will close the year with a balance of $350 at the end of the year. BCH will grow gradually to around 590 by the end of 2021.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.