Bitcoin Cash Price Prediction for Today, March 5 – BCH Technical Analysis

bitcoin Cash price prediction shows BCH falling towards the 9-day and 21-day moving averages as selling pressure may be strong in the market.

bitcoin Cash Predicted to Hit $505.56 by March 9, 2024

bitcoin Cash (BCH) is currently trading at $463.86, reflecting a 24-hour loss of -4.81%. While the overall crypto market declined by -3.49%, BCH underperformed btc with a loss of -7.16%. BCH is forecast to reach $505.56 by March 9, 2024, indicating a potential rise of 10.25% over the next five days.

bitcoin Cash Prediction Statistical Data:

• bitcoin Cash price now: $463.5
• bitcoin Cash Market Cap: $8.48 Billion
• bitcoin Cash circulating supply: 19.6 million
• Total bitcoin Cash supply: 19.6 million
• bitcoin Cash Coinmarketcap Ranking – #17

BCH/USD Market

Key levels:

Resistance levels: $570, $590, $610

Support levels: $350, $330, $310

BCH/USD is slowing down and may settle below the $430 support level if the bears increase selling pressure. Meanwhile, the market price plummets today, reaching its daily lowest level at $433.79. Furthermore, the current performance of bitcoin-cash/”>bitcoin cash is below normal expectations as the currency may continue to follow the downtrend.

bitcoin Cash Price Prediction: bitcoin Cash (BCH) Ready for More Downtrends

If bitcoin Cash price fails to sustain the price above the 9-day and 21-day moving averages, there is a risk of a new bearish wave. However, if the coin falls further and moves towards the lower boundary of the channel, the initial support may lie below the $420 level, where the market price could restart its uptrend.

However, as the 9-day moving average remains above the 21-day moving average, the bullish move may develop, but any bearish crossover to the downside could lead to critical supports at $350, $330, and $310. Furthermore, a swing high above the upper boundary of the channel could lead the bulls to a key resistance level of $550. If this comes into focus, the coin can trigger a bullish rally that could take the market price to resistance levels of $570, $590, and $610.

BCH/btc could face downside

Against bitcoin, the daily chart reveals that buyers were unable to push bitcoin Cash higher. Meanwhile, following the recent negative signals, the trend may continue down if the bears continue to put more pressure on the market.

Therefore, as the 9-day MA rises above the 21-day MA, if the buyers fail to push the currency higher, the market price may focus on the downtrend, and cross below the moving averages may locate support at 5200 SAT. and below, but any bullish move above the upper boundary of the channel may place resistance at 9000 SAT and above.

@rektcapital informed its large audience of over 409,000 followers on X (formerly Twitter) about the prolonged accumulation of the $BCH/USD movement spanning several months. Furthermore, he analyzed that bitcoin Cash has indeed broken out of its previous range. #btc #crypto #bitcoin

$BCH / AMERICAN DOLLAR

This movement has been brewing for months.

bitcoin Cash has finally broken outbtc?src=hash&ref_src=twsrc%5Etfw”>#btc crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin https://t.co/MQKDRQwPaj pic.twitter.com/XJfoy9ZhrK

-Rekt Capital (@rektcapital) March 2, 2024

Alternatives to bitcoin Cash

bitcoin Cash is experiencing bearish momentum after hitting a daily high of $479.3, potentially retesting support at $433. Despite looming bearish signals, positive sentiment remains with the 9-day moving average above the 21-day average. A comparison with bitcoin Minetrix shows promising potential in the latter due to its lower market capitalization and successful pre-sale. While bitcoin Cash's large size may limit growth, the ongoing pre-sale of BTCMTX offers early entry for investors, indicating significant growth potential in decentralized mining.

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