Bitcoin Cash Price Prediction: BCH Flips 50-day SMA From Resistance To Support

Last Updated July 23rd 2021
2 Min Read

Daily Bitcoin Cash BCH Technical Analysis
  • Bitcoin Cash price is aiming for the $430 resistance barrier.
  • The MACD in the 4-hour BCH chart shows sustained bearish momentum.

Prior to January 28, the Bitcoin Cash price listed a series of lower highs and lower lows before the buyers took back control. Over the last week, BCH has gone up from $375 to $425, gaining nearly $50 in its overall valuation.

 

Bitcoin Cash Price Flips Crucial Level

During its rise over the last week, The Bitcoin Cash price managed to flip the crucial 50-day SMA from resistance to support. As of now, it’s aiming to take down the $430 resistance and then the 20-day SMA. The relative strength index (RSI) still has a lot of room to grow before it enters the overbought zone, which shows that BCH has good growth potential.

bch/usd daily chart 020321

Image: BCH/USD daily

As things stand, the Bitcoin Cash price is currently sitting below the $430 resistance barrier. Previously, at this level, 60,000 addresses had purchased 1.4 million BCH tokens. If the price breaks above this zone, BCH should reach the $500 mark.

bch/usd volume chart 020321

Image: IntoTheBlock

On the downside, we have one healthy support wall at $405, which coincides with the 50-day SMA. This level looks healthy enough to hold up the Bitcoin Cash price. MACD in the 4-hour Bitcoin Cash price shows sustained bullish momentum. Plus, 20-bar SMA has crossed over the 50-bar SMA to form the bullish cross pattern. All this tells us that the BCH is probably going to grow more.

bch/usd 4-hour chart 020321

Image: BCH/USD 4-hour

 

Bitcoin Cash Price Will Reach These Levels

Going by technical analysis, the Bitcoin Cash price will likely aim for the $430 resistance barrier. If they take it down, BCH will probably reach $450.

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