Bitcoin Cash Price Analysis: BCH Is Trending Horizontally Above The $500-Level
Daily Bitcoin Cash BCH Price Forecast
- Bitcoin Cash price currently faces strong resistance at $540.
- The MACD shows that market momentum has reversed from bullish to bearish.
In the last week of February, the Bitcoin Cash price dropped from $720 to $460, losing almost $260 in its overall valuation. Since then, BCH rose up to $514, and it seems like it is trending horizontally around this zone.
Bitcoin Cash Price Trends Horizontally
As of now, the Bitcoin Cash price has encountered two major resistance levels at the 50-day SMA ($515) and the $540 line. These two lines are strong enough to prevent any further growth, as it has already done over the last three days. If BCH breaks above the 50-day SMA, the relative strength index shows that the price still has more room for growth.
Image: BCH/USD daily
The $540 resistance barrier upfront is pretty solid since 97,400 addresses had previously purchased 898,000 BCH tokens here. This level has so far previous absorbed any and all kinds of buying pressure.
The 4-hour Bitcoin Cash price chart shows two separate sell signals:
- The 20-bar SMA has flipped from support to resistance.
- The MACD shows that the market momentum has flipped from bullish to bearish.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
The Bitcoin Cash price will likely crossover the 50-day SMA and aim for the $540 resistance barrier again.