BITCOIN CASH PRICE ANALYSIS: WILL DECREASING CORRELATION WITH BTC HELP BCH PRICE TO REACH $2000?

BCH bulls may take the price to $2000

BCH price correlation with BTC has decreased from 0.9 to 0.5 in the last few days. It gives the price a way to continue its bullish momentumTechnical Indicators hints continuation of uptrend in the price. Meanwhile, BCH/BTC pair is also in a gain of 13.6%Bitcoin Cash is trailing with a gain of 18.19% making it reach the $1600 mark . The correlation between Bitcoin Cash and Bitcoin has decreased overtime. It hints that the price can continue its uptrend. The price may face resistance on the upper side at $1800. While on the downside It can see a bounceback from the level of $1400. The coin price is trading above the 50 and 100 Daily Moving Average.The 50MA (Red) line is at $871,while being a support for the price .The price has seen gain of more than 70% in just seven days. BCH price rally can continue till $2000BCH is ranked 10th in the cryptoverse with the market capitalization of $29,328,027,588.07.The volume of coin jumped by 3.8% in the last 24 hrs. In contrast the volume to market capitalization ratio is 0.303. It can soon cross the barrier of 0.75 with a huge buying volume.

TECHNICAL INDICATOR HINTS A BULLISH MOMENTUM FOR THE BCH PRICE

The weekly technical chart shows a bullish momentum for BCH price. BCH daily chart shows an uptrend till $2000. On the daily time frame the coin has seen a breakout from the accumulation zone.This may take the price to higher levels. BCH/BTC pair might also see significant gains in upcoming days.The volume indicator for the coin is at 7.6K with very less buying volume. If the price goes above $1700 then a strong buying rush can be seen.RSI(Neutral):It is at 70.92 marking its presence in the overbought zone.There is a zero slope formation in the RSI which showcases that price may consolidate for a while.The overall sentiment of the RSI is neutral.CONCLUSIONBCH price has seen a significant gain in the past few days . Bitcoin cash may touch the mark of $2000 soon. An investor should do their due diligence before investing.TECHNICAL LEVELSMajor Resistance:$1800Major Support: $1400

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