Bitcoin Cash Price Analysis: BCH struggles to break above 20-day SMA
Daily Bitcoin Cash BCH Price Forecast
- The price is flip-flopping around the $277-mark.
- The 4-hour price chart has charted a bullish cross pattern with 20-bar and 50-bar SMAs.
Between Saturday and Monday, Bitcoin Cash bounced up after finding support at the 200-day SMA ($260). The price managed to break past the 50-day SMA ($272). However, the price is currently struggling around the $277-mark, which is preventing it from breaking above $280.
20-day SMA provides strong resistance
During the weekend’s bullish rally, the price managed to break above the downward trending line and the 50-day SMA. However, the latest candlestick is struggling to break above the 20-day SMA.
Image: BCH/USD daily
Looking at the 4-hour price chart, we can see that the $277 line has flipped-flopped between resistance and support. Having said that, multiple technicals show that the overall market sentiment is bullish.
Image: BCH/USD 4-hour
The MACD in the 4-hour chart shows sustained bullish market momentum, while the RSI is trending in the neutral zone, indicating that the price has more room to grow. Finally, the 20-bar SMA has crossed over the 50-bar SMA to chart the bullish cross pattern.
Key price levels to watch for BCH
As you may have guessed by now, the key level to watch for BCHi s the 20-day SMA. If the buyers manage to flip this level, they should have the momentum required to enter the $300-zone.
However, repeated rejections at this level will put a lot of stress on the 50-day SMA ($270). If the price breaks below that, the bears will test the 200-day SMA ($260) for its resilience.