Bitcoin Cash Price Analysis: BCH Reaches Key $350 Psychological Level
Daily Bitcoin Cash BCH Price Forecast
- Bitcoin Cash has risen from $275 to $347 over the last five days.
- The MACD in the 4-hour chart shows sustained bullish momentum.
Bitcoin Cash has replicated Ethereum’s price action and managed to do five straight green candlesticks of their own. Over the last five sessions, the Bitcoin fork has risen from $275 to $347. In the process, it has crossed above the 20-day and 50-day SMAs.
BCH Reaches The $350 Psychological Level
With this bullish resurgence, BCH has managed to inch closer to the $350 psychological. However, it will be interesting to see how the holders behave around this zone. If they use this zone as a sell-off point, then the price will probably drop to the $315 support line.
One should note that the $350 resistance barrier has twice thwarted the price, which forced BCH to drop to $265 and $258. On those occasions, the 50-day SMA and 200-day SMA were able to stop further downflow.
Image: BCH/USD daily chart
If the buyers manage not to repeat history and hold firm, the Bitcoin fork should cross into the $400 zone. The 4-hour chart shows that the moving average convergence divergence indicates that the market momentum is still bullish, prompting the price to rise more.
Image: BCH/USD 4-hour chart
The upward trending line acts as nice and stable support, which should cause the price to rise up steadily. Upon crossing the $350 level, the next resistance in the 4-hour time-frame lies at the $365 line. The users will hold for the trending line to hold firm for BCH to reach $400.
Bitcoin Cash Key Price Levels To Watch For BCH
The $350 psychological level is the absolute key right now. If the buyers again fail at this level, then a collapse could be on the cards. This is based on the historical price action of BCH.
However, if the buyer breaks through the $350 and $365 barriers, then the price should reach $400.