The Bitcoin Cash price prediction reveals that the BCH price is crossing above the 9-day moving average to continue the bullish movement.
BCH/USD Market
Key Levels:
Resistance levels: $400, $420, $440
Support levels: $60, $240, $220
BCH/USD is currently exchanging hands at $337 after the price dropped off earlier today and consolidates within the channel. The BCH price not crossing above the 21-day moving average ruins the long-term technical picture of the coin. However, Bitcoin cash will have to focus on the bullish movement to guide against the downward pressure while the closest support expects the coin at $300, which could be the daily low.
Bitcoin Cash Price Prediction: The Bitcoin Cash May Move Upward
The Bitcoin Cash price regains back above the 9-day moving average because the movement towards the south may push the coin to the support levels of $260, $240, and $220. However, BCH/USD is trading at $337.36 and still trading above the 9-day moving average. On the upside, a sustained move above the 21-day moving average to face the upper boundary of the channel could create more strength for the bulls with the focus to move the market to the next resistance levels of $400, $420, and $440 respectively.
At the moment, the technical indicator Relative Strength Index (14) moves to cross above 50-level, which indicates that the market remains on the upside. Looking at the daily chart, there may be a need for support to be formed around $300 to provide tight protection which could allow the buyers to concentrate on stirring action to the north.
When compared with Bitcoin, the Bitcoin Cash price is hovering above the 9-day and 21-day moving averages as the sellers aim to bring the price to the downside and could fall towards the lower boundary of the channel, while the technical indicator Relative Strength Index (14) moves below 60-level.
However, if the bulls succeeded in breaking above the upper boundary of the channel, the BCH price may likely hit the potential resistance level at 950 SAT and above. On the contrary, the continuation of the bearish movement could bring the price to the support level of 700 SAT and below.
Looking to buy or trade Bitcoin Cash (BCH) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
Read more: