Bitcoin Cash Price Prediction – May 23
The Bitcoin Cash price prediction shows a sudden dip below $500 today as the coin is ready to enter deeply into the negative side.
BCH/USD Market
Key Levels:
Resistance levels: $900, $1000, $1100
Support levels: $190, $90, $-100
BCH/USD is currently in a downtrend as bears dominate the entire cryptocurrency landscape. At the time of writing, BCH/USD is hovering below the 9-day and 21-day moving averages as the trend has a bearish inclination, which may likely touch the support at $300. More so, the technical indicator has remained bearish as the Relative Strength Index (14) continues to dig deeper into the oversold region.
Next Direction for Bitcoin Cash?
As the daily chart reveals, the best bulls can do is to defend the support at $300 and focus on pulling towards $700. A few days ago, the Bitcoin Cash price has been following a downward movement as the sharp drops affected the buyers from an attempted recovery above $650.
As buying pressure increases, the price may break above the 9-day moving average and reach the resistance at $850. While trading at that level, a bullish continuation could reach the resistance levels of $900, $1000, and $1100 respectively.
In other words, if the coin decides to remain on the negative side, a minimum swing could bring the price to a $300 level. Exceeding this level could take the bears to $190, $90, and $-100 levels by crossing below the lower boundary of the channel.
Against Bitcoin, the daily chart reveals that bears continue to push the price towards the south. The most recent negative sign suggests that the trend could continue to follow the downtrend as buyers were unable to push the price above 9-day and 21-day moving averages.
However, as the technical indicator Relative Strength Index (14) slides below the 40-level, it may likely cross into the oversold region and a bearish continuation could lower the price to the support levels of 0.012 BTC and below, but once it moves out of this zone, the market price may likely begin an upward trend to push the Bitcoin Cash price towards the resistance level of 0.020 BTC and above.
Credit: Source link
