Bitcoin Cash Price Prediction: BCH Nurtures Imminent Rise To $800
- Bitcoin Cash price uptrend faded slightly above $700, but the mission to clock $800 soon is still intact.
- The MACD sustains a bullish signal, reinforced by immediate support at the 200-day SMA.
- The transaction history model sheds light on a robust resistance between $686 and $706.
Bitcoin Cash has retained most of the gains accrued in the last few days despite the resistance at $710. Although a correction occurred, bulls appear to have embraced support at $650, braced by the 200-day Simple Moving Average (SMA).
Meanwhile, Bitcoin Cash is exchanging hands at $686 as bulls focus on trading above $700 to pave the way for closing the gap to $800.
Bitcoin Cash Price Must Break This Crucial Barrier, Opening The Door To $800
According to the short-term technical picture, Bitcoin Cash is comfortably in the bulls' hands, perhaps due to the immediate support at the 200-day SMA. As the uptrend closes the gap to $700 again, more investors join the market amid rising confidence and speculation.
The Moving Average Convergence Divergence (MACD) has a minor bullish signal, sustained since July when BCH recoiled from areas marginally below $400. Movement above the mean line tightened the bullish grip on the price. With the 12-day EMA staying above the 26-day EMA, we expect Bitcoin Cash to take down the barriers heading to $800 gradually.
BCH/USD Daily Chart
The SuperTrend Indicator on the daily chart emphasizes the bullish outlook. A call to buy Bitcoin Cash was presented toward the end of July and has been sustained ever since. The SuperTrend uses the average true range (ATR) to ascertain the prevailing volatility. A buy signal implies that Bitcoin Cash will keep going up until the SuperTrend closes the day above the price and changes from green to red.
Bitcoin Cash was relatively overbought toward Friday and into the weekend. Perhaps the retreat on Tuesday was a pullback from the extreme levels. As the RSI holds at 70, the bullish grip on BCH tightens. Hence, another lift into the overbought region may enhance the uptrend above $700 and close the gap to $800.
Looking At The Other Side Of The Fence
IntoTheBlock's IOMAP on-chain model reveals a massive seller congestion zone between $686.9 and $706.8. Here, roughly 156,800 addresses purchased 855,300 BCH. Addresses that have been underwater will try to break even in this zone, thus slowing down the uptrend to $800.
Bitcoin Cash IOMAP Chart
On the flip side, Bitcoin Cash is accorded relatively weak support areas compared to the robust resistance. Declines could gain momentum if support at $656 shatters. In this case, the correction will carry on to $600, whereby bulls are expected to retake control.