Bitcoin Cash Price Prediction: Clearing this key resistance could push BCH into $300

Last Updated July 23rd 2021
2 Min Read

Daily Bitcoin Cash BCH Technical Analysis
  • Bitcoin Cash has broken above the downward trending line.
  • The 4-hour chart shows strong resistance at $275.

 

Since November 25, Bitcoin Cash dropped from $350 to $260 on December 11. The price found support at the 200-day SMA this weekend and jumped up to $273. As of now, the Bitcoin fork has found support at the 50-day SMA.

bch/usd daily chart 121420

Image: BCH/USD daily chart

The moving average convergence/divergence (MACD) shows that the bearish market momentum is steadily decreasing. If the price manages to break above the 20-day SMA, the buyers will gain the momentum needed to reach the $290 resistance wall.

 

The weekly price is sandwiched between strong levels

The weekly price chart shows that Bitcoin cash dropped slightly after getting repeatedly rejected at the $290 barrier. The 50-bar SMA is providing healthy support, which should give the bulls enough momentum to charge the $290 resistance line once again.

bch/usd weekly chart 121420

Image: BCH/USD weekly chart

Along with the weekly chart, the 4-hour chart is also sandwiched between the 50-bar SMA and the $275 resistance level. The buyers will need to break past the $275 level to continue this upward trend.

bch/usd 4-hour chart 121420

Image: BCH/USD 4-hour chart

Following this $275 line, the buyers will need to overcome the 200-bar SMA ($285) and the $290 resistance barriers. If they do manage to break past these levels, BCH will be able to reach the $300 zone for the first time in nearly two weeks.

 

Key price levels to watch for BCH

There are two levels that the buyers will need to watch out for – $275, the 20-day SMA ($280), and $290. If they do manage to get past these walls, BCH will be able to breach past $300.

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