BCH/USD is attempting to cross above the 21-day moving average, while the $225.7 support level remains the critical support where the price has been holding for some time now. However, for a few days now, BCH/USD has been trading below the 9-day and 21-day moving averages and this is preventing the coin from touching the $240 resistance level.
bitcoin Cash price may start to rise and could probably cross above the upper boundary of the channel if the bulls defend the $225.7 support level. However, any further bullish movement near the channel may reach the potential resistance levels of $255, $260, and $265.
However, this technical prediction may be invalidated if the bears break out and slide below the lower boundary of the channel, any further bearish move may reach the support levels of $205, $200, and $195. Furthermore, the 9-day moving average is still below the 21-day moving average, suggesting a possible bearish move in the market.
Against bitcoin, bitcoin Cash price is attempting to break above the 9-day and 21-day moving averages with a major resistance level at 650 SAT. Meanwhile, the long-term moving averages are likely to maintain the bullish movement as the market is starting a new trend if it crosses above the 21-day moving average.
However, if buyers could push the price higher, further resistance could be located at 735 SAT and above. Furthermore, if the bulls fail to move the current market value above the moving averages, the bears may enter the market and the nearest support level could be located at 510 SAT or below.
Bullish momentum takes control of bitcoin Cash as the coin aims to surpass the 9-day and 21-day moving averages. The potential for a sustained upward move suggests a possible retest of the previously surpassed resistance level at $236. Furthermore, a bullish signal is anticipated as the 9-day moving average is about to cross above the 21-day moving average, adding to the positive market sentiment.
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