In our Bitcoin Cash price prediction today, we can see that the BCH/USD trading pair is finally moving between the 50-day SMA and 200-day SMA. In addition to this, over the past couple of hours the cryptonews show that the coin has went above $240 and is now looking to stabilize before it prepares for a new rally.
According to analysts, Bitcoin Cash is battling with selling pressure and is likely to continue trading sideways within a narrow range positioned between the 50-day SMA and 200-day SMA. The crypto is valued at $241 from an opening session of $239, which is a good indicator showing an increase of more than 2% in the past few hours.
The immediate downside on the hourly chart of BCH/USD is supported by the 50-day SMA. On the upside, the 200-day SMA continues to cap gains at $270. BCH/USD is also trading below a key ascending trend line.
From a technical perspective, sideways trading is very likely to take center stage. The RSI is horizontal at 50 which shows that buyers have the energy to hold the price at the 50-day SMA support level. However, we cannot ignore the bearish pressure as shown by the Elliot Wave Oscillator which is something to consider in the latest Bitcoin Cash news.
In our Bitcoin Cash price prediction, the RSI is horizontal at 50 which shows that buyers have the energy to hold the price at the 50-day SMA support. However, we cannot ignore the bearish pressure that is building up, as shown in the indicator. In fact, the upward action is expected to continue to be limited even though BCH holds the short term support.
As we said in our previous analysis, now is the best time for crypto to go mainstream – especially after the recent Bitcoin halving which is expected to propel the prices of cryptocurrencies moving forward this year.
The technical indicators as our Bitcoin Cash price prediction shows, are as following:
- Hourly MACD – The MACD for BCH/USD is currently gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level.
- Major Support Levels – $235, $232 and $230.
- Major Resistance Levels – $245, $250 and $270.
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