Bitcoin Cash Price Analysis: BCH Bulls Stay In Control For Four Straight Days
Daily Bitcoin Cash BCH Price Forecast
- The 20-day SMA has stopped the Bitcoin Cash price on its tracks.
- BCH was about to flip the parabolic SAR from bullish to bearish.
Between March 1 to March 8, the Bitcoin Cash price rose up from $458 to $530, gaining almost $72 in its overall valuation. This followed a period wherein BCH was trending horizontally between $450 support line and the 50-day SMA.
Bitcoin Cash On The Verge Of Flipping Key Level From Bearish To Bullish
Over the last four days, the Bitcoin Cash price had managed to cross over the 50-day SMA, flipping it from resistance to support. Currently, the 20-day SMA has blocked BCH’s upward movement and prevented the price from crossing over the parabolic SAR and turning it from bearish to bullish.
Image: BCH/USD daily
The resistance levels upfront shows a lack of strong resistance levels upfront. There is a notable resistance barrier at $580. Previously, at this level, 24,000 addresses had purchased almost 165,000 BCH tokens. On the downside, there is a healthy support wall at the 50-day SMA ($515).
The MACD in the 4-hour Bitcoin Cash price chart shows us increasing bullish momentum. As such, a further growth in BCH is expected. Do note that the RSI is trending horizontally around 50, so a further growth is expected for the Bitcoin fork.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
The Bitcoin Cash price has the potential to reach the 20-day SMA and reach at least $550.