Bitcoin Cash Price Prediction – August 14
The Bitcoin Cash price is recovering from the daily low of $642 level as the price remains within the short-term bullish trend.
BCH/USD Market
Key Levels:
Resistance levels: $750, $800, $850
Support levels: $550, $500, $450
BCH/USD is recovering from the intraday low of $642 after hitting the daily high at the $676 resistance level. At the time of writing, the Bitcoin Cash is changing hands at $664, having gained over 1.4% since the beginning of the European session. However, with latest the recovery, the digital asset is currently creating a higher high above the upper boundary of the channel.
Bitcoin Cash Price Prediction: Can BCH Break Above $700?
The Bitcoin Cash price is currently moving to cross above the upper boundary of the channel at the price level of $665.85. However, if the bulls maintain the upward trend, BCH/USD may likely stay above the channel which could push the coin to the resistance levels of $750, $800, and $850, keeping the price at the upside. In other words, any strong selling pressure may drag the price below the 9-day and 21-day moving averages if the bears step back into the market.
However, should in case Bitcoin Cash trade below the daily opening price of $654, a bearish continuation could bring the price to the supports of $550, $500, and $450. Meanwhile, the Relative Strength Index (14) is seen moving within the overbought region, indicating a possible bullish movement may continue.
When compares with Bitcoin, the BCH bulls are now showing little commitment to the market movement. However, following the recent positive sign, the current market movement may continue to follow an uptrend if the buyers continue to push the price above the upper boundary of the channel.
Moreover, as the technical indicator Relative Strength Index (14) is moving to cross above 70-level, once it moves above this barrier, the market price could resume an upward trend to touch the resistance level of 1600 SAT and above. Meanwhile, a retest below the 9-day and 21-day moving averages could lower the price to the support level of 1200 SAT and below.
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