Bitcoin Cash Price Prediction – August 29
The Bitcoin Cash price prediction reveals that BCH is hovering above the moving averages as indicated by the technical indicator RSI (14).
BCH/USD Market
Key Levels:
Resistance levels: $750, $800, $850
Support levels: $550, $500, $450
BCH/USD peaks at $692 today, after which it couldn’t maintain the trend as the price drops and consolidates around the 9-day 21-day moving averages. However, for the price not to reflect above the resistance level of $700 ruins the long-term technical picture of the coin. Therefore, the Bitcoin cash will have to move back to $700 to increase the buying pressure while the closest resistance expects the coin at $695, which could be the daily high.
Bitcoin Cash Price Prediction: Bitcoin Cash May Expand More
At the time of writing, the Bitcoin Cash is currently hovering above the 9-day and 21-day moving averages but a movement towards the south may likely push the coin to the support levels of $550, $500, and $450. From above, a sustained movement across the upper boundary of the channel may create momentum for the bulls with the focus to move the market to the next resistance levels of $750, $800, and $850 respectively.
At the time of writing, the technical indicator Relative Strength Index (14) signal line is moving to cross above 60-level, which indicates that BCH/USD may continue to trade bullishly. Meanwhile, looking at the daily chart, the 9-day MA must not cross below the 21-day MA for the buyers to concentrate on stirring action to the north.
When compares with BTC, following the trade for the past few days, bulls have shown a great commitment to BCH trading by following the recent positive sign. Furthermore, the current market trend may continue to go up if the buyers can sustain the pressure further.
However, if the bulls succeeded in pushing the coin above the upper boundary of the channel, the market price may likely reach the next resistance level of 1550 SAT and above. On the contrary, a retest could allow the pair to go below the 9-day and 21-day moving averages and lower the price to the support level of 1200 SAT and below. However, the technical indicator Relative Strength Index (14) is likely to cross above 50-level, suggesting additional bullish signals into the market.
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