Bitcoin Cash Price Analysis: BCH Faces Strong Rejection At The 20-day SMA
Daily Bitcoin Cash BCH Price Forecast
- Bitcoin Cash price had three consecutive bullish days.
- BCH has flashed the sell signal in the TD sequential indicator in the 4-hour chart.
Bitcoin Cash price rose from $375 to $435 over the last week, flipping the 50-day SMA from resistance to support in the process. Following a bearish Sunday, the buyers have been in control of the market for three consecutive sessions.
Bitcoin Cash Price Bull Party Coming To An End?
Bitcoin Cash price has been on an upward surge since it aims to cross over the 20-day SMA. However, it seems like the buyers have now run out of gas, and we may be looking at a temporary correction.
Image: BCH/USD daily
If this correction does happen, the Bitcoin Cash price may drop to the $410 support barrier, which coincides with the 50-day SMA. Previously, 85,000 addresses had purchased 645,000 BCH tokens at this zone. This zone looks healthy enough to absorb a lot of selling pressure.
When you check the 4-hour Bitcoin Cash price chart, BCH failed at the 20-bar SMAs and has flashed the green-nine candlestick in the TD sequential indicator. All this shows that BCH is going to drop to this $410 zone.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
Bitcoin Cash price will likely go through a correction, but the 50-day SMA ($410) will stop this downward flow.