Today we will look at BCH and its growth in 2020. We will look for a level of support where will bounce upwards and not just that, we will also look into the past to find new values for resistance.
[BCH / USD] In 2020 to current value: + 90.39%
Bitcoin Cash will surely be of interest to many of you, after an incredible pump in 2020, it appreciated up to 145% (high 2020). It grew from US $ 203 to January 1, 2020 to $ 500. We are currently at $ 371.
As I have written many times on BCH analysis, C. Wright made perfect use of the fomo and buzz around Bitcoin SV and hardfor. Like Bitcoin, he will have a halving in May and this will increase its value along with the expected BTC growth.
BCH may be a big surprise in 2020. The values with which we started the year at $ 203 will be ridiculous, even at a price of $ 500 the piece seems so.
At the moment, it seems that we could find support at $ 371. If we do not keep this thin level of support, we need to respond, as a drop to $ 338 would not miss us. That’s another support, a week ago we touched it with a wick. Several other altcoins have the same support as BCH.
Even the BTC has its support at $ 9,500, and this support (at BCH at $ 371) could be a serious reason for continuing to grow and bounce up. Everything will depend on whether we maintain a $ 371 support. We see 2 options, either the support line will last and we will have another 500 USD (blue line), or we will go lower (red line).
Of course, we see resistance at this year’s high of $ 500. Looking back, we could see another resistance at $ 641.
Thank you for taking the time to analyze today.