Bitcoin Cash Price Prediction: BCH Bulls Flip $440 Resistance To Support
Daily Bitcoin Cash BCH Technical Analysis
- Bitcoin Cash price has now faced rejection at the 50-bar SMA (4-hour chart).
- IntoTheBlock’s IOMAp shows a lack of strong resistance barrier upfront.
After dropping drastically from the edge of the $500 zone to $415 and flipping the 20-day SMA from support to resistance, the Bitcoin Cash price started a slow upward trend. Over the last four days, BCH rose from $420 to $454.
Bitcoin Cash Price Flips Key Level
During the last four days’ upward trend, the Bitcoin Cash price managed to flip the $440 line from resistance to support. This was a major win for the buyers, as we will see later. As of now, the bulls are going to aim for the 20-day SMA.
Image: BCH/USD daily
Looking at the $440 support wall, we can see why this was a significant win for the bulls since they managed to gain a powerful level. As per IntoTheBlock’s IOMAP, 105,000 addresses had previously purchased 2.15 million BCH tokens around this zone. It will take a tremendous amount of selling pressure for the bears to conquer this support.
The Bitcoin Cash price should ideally rush towards the 20-day SMA ($480). The IOMAP even shows a lack of robust resistance barriers upfront. However, the 50-bar SMA ($465) in the 4-hour chart has repeatedly managed to thwart BCH. The MACD still shows sustained bullish momentum, so the Bitcoin Cash price will likely gain enough momentum to take down this zone.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Hit These Levels
If Bitcoin Cash bulls manage to overcome the 50-bar SMA ($465) fully, they should make a beeline for the 20-day SMA ($480). According to the IOMAP, the level here isn’t strong enough, prompting the buyers to reach the $500 psychological level.
On the downside, if the BCH price fails at this level, it will likely drop to the $440 support wall. This level is healthy enough to prevent further downfall.