BCH/USD is trading above the 9-day and 21-day moving averages as the coin moves towards the upper boundary of the channel. Based on the daily chart, the candle formation may continue to respect the upward movement if the bulls increase the pressure, but falling below the moving averages could position the market price to the south while the nearest support level could be located around the $225 level.
bitcoin Cash Price Prediction: BCH/USD Moves for Additional Gains
bitcoin Cash price is heading higher as a rise above the upper boundary of the channel could trigger intense buying towards the $275, $285, and $295 resistance levels. On the contrary, bitcoin Cash price is likely to maintain the current market value at $246 before heading towards the nearest support level of $225. Therefore, if bitcoin Cash price falls below this support level, it is likely to reach the nearest support at $210.
However, critical support after this could lie around the $200, $190, and $180 levels if the selling volume continues to increase. However, the 9-day moving average is likely to break above the 21-day moving average, revealing that the market can gain more on the upside.
Against bitcoin, bitcoin Cash price is likely to break above the 9-day and 21-day moving averages. Meanwhile, if the coin continues to rise, the nearest resistance level could be at 750 SAT and above as buyers push the coin towards the 600 SAT resistance level.
Looking up; If the coin slides below the 9-day moving average and crosses below the lower boundary of the channel, the nearest support level could be located at 550 SAT. Therefore, if the price falls further to create a new low, support could be found at 450 SAT or below. Meanwhile, if the 9-day moving average crosses above the 21-day moving average, this could mean that the market could trade bullish.
bitcoin Cash has seen a major uptrend in the last 24 hours, breaking through the $255 resistance level. This positive momentum has persisted for four consecutive days, driven by increased buying pressure. BCH/USD is emerging as a promising coin in the current market, with expectations of reaching $260 soon as it targets its next resistance level. In the meantime, traders should keep a close eye on bitcoin Cash for its continued upward trajectory.
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