Bitcoin Cash Price Prediction: BCH Flips 50-day SMA From Resistance To Support
Daily Bitcoin Cash BCH Technical Analysis
- Bitcoin Cash price crossed the $500 line over the last three days.
- BCH has two strong support walls at $460 and $480.
Prior to the last three days, the Bitcoin Cash price dropped from $720 to $460 - losing almost $250 in its overall valuation - between February 20 and February 28. Following that, the buyers have taken firm control of the market.
Bitcoin Cash Bulls In Control For Three Days
Over the last three days, the Bitcoin Cash price jumped from $460 to $538, gaining almost $80. The relative strength index (RSI) is trending around 49, which shows that the buyers still have space to grow. It should be noted that during the last two days, BCH touched the $550 and retracted.
Image: BCH/USD daily
On the upside, there are a couple of resistance barriers at $565 and 20-day SMA ($600). Previously at $565, 33,000 addresses had purchased almost 180,000 BCH tokens. After that, there is the $600 level, wherein 24,000 addresses had purchased a little over 210,000 BCH tokens.
The 4-hour Bitcoin Cash price chart shows two bullish signs.
- The 20-day SMA has crossed over the 50-day SMA to chart a bullish cross.
- The MACD shows sustained bullish market momentum.
However, do note that the 200-bar SMA in this time frame is stopping BCH to move up.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
As things stand, the Bitcoin Cash will probably cross the 200-bar SMA in the 4-hour chart and aim for the $565 resistance barrier again.