Bitcoin Cash Price Analysis: BCH Bulls Attempt Comeback Following Four Straight Bullish Days
Daily Bitcoin Cash BCH Price Forecast
- Bitcoin Cash price faces moderate-to-strong resistance barriers upfront.
- BCH has managed to flip the 20-bar SMA from resistance to support.
Between February 14 and 21, the Bitcoin Cash price had been trending horizontally around the $700 mark. Since then, BCH has crashed down to the $460 support line before managing to bounce up. Let’s take a closer look with technical analysis.
Bitcoin Cash Price Bounces Up From $460 Support Wall
Over the last week or so, the Bitcoin Cash price has managed to flip both the 20-day and 50-day SMAs from support to resistance. The relative strength index (RSI) is hovering horizontally next to the oversold zone.
Image: BCH/USD daily
On its way up, the Bitcoin Cash price has a strong resistance barrier at the 50-day SMA ($515). Previously, at this level, 53,500 addresses had purchased over 310,000 BCH tokens. As visualized by the IOMAP, the resistance barriers upfront are moderate-to-strong.
Looking at the 4-hour Bitcoin Cash price chart, there are two positive signs:
- Firstly, the 20-bar SMA has flipped from resistance to support.
- The MAD shows sustained bullish market momentum.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
We expect Bitcoin Cash price to reach the 50-day SMA ($510) in the short-term.