Bitcoin Cash Price Prediction: BCH consolidates above $300
Daily Bitcoin Cash BCH Technical Analysis
- Bitcoin Cash has managed to break above $300 this Wednesday.
- BCH is sitting on top of healthy support levels.
Bitcoin Cash has jumped up from $259 to $313 over the last five days. In the process, the Bitcoin fork has managed to cross above the 20-day and 50-day SMAs. Do the buyers have enough steam to reach the $350-level? Let’s take a look.
Bitcoin Cash sitting above healthy support levels
After breaching past the $300-level, the price has sort of faltered upon reaching the $315 psychological level. However, with the relative strength index (RSI) still hovering in the neutral zone, there is still enough room for the buyers to take control and grow.
Image: BCH/USD daily
Upon looking at IntoTheBlock’s IOMAP, we can see a moderate resistance level at $330. At this level, 32,000 addresses had previously held 350,000 BCH tokens. If the price breaks past this level, the price should be able to reach $350.
On the downside, several healthy support zones are strong enough to absorb a tremendous amount of selling pressure. This bodes very well of Bitcoin Cash’s future price action. Let’s look at the 4-hour timeframe to get a better idea of what’s going on with the price.
Image: BCH/USD 4-hour
In this timeframe, the Bollinger Band has expanded quite a bit, which shows that overall price volatility has increased quite a bit. The asset was trending above the Bollinger Band, indicating that it was overpriced. But now, the bears have managed to push BCH back inside the band.
Key price levels to watch for BCH
On the upside, the critical level lies at $330. Breaking past this should push BCH above $350. On the downside, several healthy support zones should absorb the selling pressure.