Bitcoin Cash Price Prediction: BCH Flips 50-day SMA From Resistance To Support
Daily Bitcoin Cash BCH Technical Analysis
- Bitcoin Cash price is hovering between two critical levels.
- BCH has several moderate-to-strong support walls on the downside.
After dropping from $720 to $460 between February 20 to February 28, the Bitcoin Cash price has gone up and hovering horizontally around.the $520 level. Let’s take a closer look with technical analysis.
Bitcoin Cash Price Crosses Key Level
Bitcoin Cash price has bounced up from the $490 support barrier, and has finished three straight bullish days. As things stand, BCH has crossed the $500 level. Looking at the chart, we can see that if BCH manages to cross over the 20-day SMA, it will flip the parabolic SAR from bearish to bullish.
Image: BCH/USD daily
Bitcoin Cash price is sitting on top of several healthy support levels. The nearest one is at the 50-day SMA ($516). Previously, at this zone, 88,000 addresses had purchased a little over 960,000 BCH tokens. These levels are robust enough to absorb a lot of selling pressure.
The MACD in the 4-hour Bitcoin Cash price chart shows sustained bullish market momentum. This should trigger the buyers to pass the $530 barrier at the very least.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
As things stand, the Bitcoin Cash price should soon flip the $530 line from resistance to support.