The Bitcoin Cash price prediction keeps recovering from the monthly low of $301 level as the price remains above the 9-day moving average.
BCH/USD Market
Key Levels:
Resistance levels: $400, $420, $440
Support levels: $260, $240, $220
BCH/USD is in the hands of the bulls as the coin spikes above the 9-day and 21-day moving averages. However, the bulls could sustain higher growth leading to a retest of the broken resistance level at $350. The technical indicator Relative Strength Index (14) is crossing above 50-level with the signal line pointing to the north for more bullish signals. Looking back at the recent dip of $300, recovery has been steady but acutely limited under $400.
Bitcoin Cash Price Prediction: Bitcoin Cash May Gain More Upsides
The Bitcoin Cash price is currently moving towards the 21-day moving average at the price level of $345. Therefore, if the bulls maintain the upward trend, BCH/USD may likely cross above the upper boundary of the channel which could take the coin to the resistance levels of $400, $420, and $440.
On the other hand, any strong selling pressure may drag the price below the lower boundary of the channel if the bears step back into the market. However, should in case Bitcoin Cash trade below the daily opening price of $304, a bearish continuation could bring the price to the supports of $260, $240, and $220.
Against BTC, the market is bouncing back to cross above the 9-day and 21-day moving averages. At the time of writing, the Bitcoin Cash price has not been able to push the price upward, but it is currently trading at 844 SAT. If the Bitcoin cash signals a more bullish rally, it may likely meet resistance at 950 SAT and above.
Looking at the daily chart, traders can say that the market may continue to follow an upward movement as the technical indicator Relative Strength Index (14) crosses above 60-level. More so, BCH is likely to break above the upper boundary of the channel as revealed by the daily chart. However, should Bitcoin Cash drops below the moving averages, the price may find support at 650 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:
