Bitcoin Cash Price Analysis: BCH Is Sitting On Top Of 50-day SMA
Daily Bitcoin Cash BCH Price Forecast
- Bitcoin Cash Price is sitting on top of moderate support levels.
- The 4-hour chart is sitting on top of the 200-bar SMA.
Bitcoin Cash bulls had been in control of the market for three straight days before the bears came back today. During these three days, the price jumped from $375 to $420. As of now, BCH has dropped to $408.
Bitcoin Cash Price Sits On Top Of Weak Support
As you can see in the daily chart, the Bitcoin Cash price is sitting on top of the 50-day SMA. However, the IOMAP shows us that this level isn’t that strong, so it may break soon. After that, the bears could take BCH to the $385 support wall.
Image: BCH/USD daily
The IOMAP tells us that the $385 support wall is moderate-to-strong as 67,000 addresses had previously purchased 602,350 BCH tokens. If this level breaks, then Bitcoin Cash price may fall to the $355 support.
The Bitcoin Cash price chart in the 4-hour time frame faced rejection repeatedly at the 50-bar SMA. However, the 20-bar SMA has managed to keep BCH up. The MACD shows sustained bullish momentum, so BCH may attempt to take over the 20-bar SMA again.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
If Bitcoin Cash price breaks below the 50-day SMA, the $385 support line should hold it up. A further break below could be catastrophic as it will take BCH down to the 200-day SMA ($295). However, if the bulls flip the 50-bar SMA ($418) in the 4-hour chart from resistance to support, it may aim for the $440 resistance barrier.