Bitcoin Cash Price Prediction: Bullish Charge Stopped By Critical Level
Daily Bitcoin Cash BCH Technical Analysis
- Bitcoin Cash price stopped by the 20-day SMA.
- The 4-hour chart flashed two buy signals.
On March 24, the Bitcoin Cash price dropped to the $475 support line. The bulls have since taken control and managed to push BCH up to $520 over the next five days. However, it seems like the 20-day SMA has stopped the upward surge.
Bitcoin Cash Price Stopped By 20-day SMA
Since March 15, the Bitcoin Cash price has been trending in a narrow channel, as shown by the Bollinger Band. The relative strength index (RSI) is trending along the neutral zone, which shows that both the buyers and sellers still don’t have complete control of the market.
Image: BCH/USD daily
Now, when you look at the IOMAP, previously at the 20-day SMA, 94,000 addresses had purchased over 570,000 BCH tokens. On the downside, there are two healthy support walls at $495 and $475.
The 4-hour Bitcoin Cash price has flashed two different buy signals:
- The 20-bar SMA has reversed from resistance to support.
- The MACD shows increasing bullish market momentum.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
The Bitcoin Cash price is going to struggle to break past the 20-day SMA. However, if the do, BCH should reach $600.