Bitcoin Cash Price Prediction: BCH Is Sandwiched Between Key Levels
Daily Bitcoin Cash BCH Technical Analysis
- Bitcoin Cash price is going through a period of low volatility.
- Immediate strong resistance lies at the 50-day SMA.
Bitcoin Cash price has been trending horizontally around the $530-level for the last six days. So, with such uninspiring price movements, let’s see what’s going on behind the scenes.
Bitcoin Cash Price Goes Through Period Of Low Volatility
Over the last six days, the Bitcoin Cash price has been hovering around the 50-day SMA. Recently, BCH managed to reverse this level from support to resistance, and is now sitting on top of the 20-day SMA. The Bollinger Band has contracted considerably, which tells us that the Bitcoin fork is going through a period of low volatility.
Image: BCH/USD daily
On the downside, the healthiest support wall lies at $475. 55,000 addresses had previously purchased 887,000 BCH tokens at this level. On the upside, immediate resistance is at the 50-day SMA. Previously, 123,000 addresses had purchased 1.37 million BCH tokens here.
In the 4-hour Bitcoin Cash price chart, the parabolic SAR has flipped from bullish to bearish, which tells us that the overall market sentiment is negative.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
Bitcoin Cash price will struggle to flip the 50-day SMA from resistance to support. On the downside, if the 20-day SMA breaks, BCH will drop down to $475.