Bitcoin Cash Price Prediction – May 17
Traders were concerns about Bitcoin Cash’s sudden dip below $1500 as BCH/USD may reclaim back the level if the bulls regroup.
BCH/USD Market
Key Levels:
Resistance levels: $1300, $1400, $1500
Support levels: $800, $700, $600
BCH/USD is currently experiencing a downward pressure that may continue to dominate the entire crypto landscape. However, the zone between $900 and $1000 stayed intact as the key support level. The bulls are keen to ensure that the price stays above $1200 but today’s dips below the lower boundary of the channel tested the $900 support zone.
Bitcoin Cash Price Prediction: What to Expect from Bitcoin Cash
Yesterday, the Bitcoin Cash price reached as high as $1282 level but it was unable to maintain its performance and started to recede downwards. Currently, the coin moves below the 9-day and 21-day moving averages but with all indications, it is possible for BCH/USD to fall more before the day runs out as the Relative Strength Index is seen moving below 50-level, suggesting more bearish signals.
Moreover, if the market drives below the $900 support, the Bitcoin Cash price could slump to $800, $700, and $600, bringing the price to a new monthly low. Meanwhile, if the bulls can hold the support at $1000 and push the coin to the north, a strong buying pressure may likely take the price to $1200 resistance. While trading at this level, a bullish continuation could touch the $1300, $1400, and $1500 resistance levels.
When compares with Bitcoin, the daily chart reveals the Bitcoin Cash price is trading below the 9-day moving average if the bulls turn strong, traders may expect the market price to skyrocket to the resistance levels of 3000 SAT and 3200 SAT respectively.
On the other hand, the 3200 SAT and 3000 SAT may likely produce support for the market should in case the buyers fail to push the price towards the north. However, BCH/BTC pair may continue to follow the downward trend as the technical indicator Relative Strength Index moves to cross below 60-level.
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