Bitcoin Cash price fluctuated sideways while touching a daily low of $ 614. So will BCH rise?
BCH / USD shifted its focus to $ 800 after clearing the resistance at $ 750. A few days ago, the market was well below the 9-day and 21-day moving averages. However, Bitcoin Cash hit a $ 500 low yesterday before hitting $ 800 today. Currently, Bitcoin Cash is creating a new bullish trend and is trading at $ 807.21 within the channel.
Will BCH rise?
The Bitcoin Cash price is currently trading near the lower limit of the channel, if the market falls below this barrier, the BCH price could possibly drop to the initial support of $ 600. It can then bring the price to its critical support, namely $ 400 and $ 300. At present, however, the signal line of the Relative Strength Index (14) is moving above the 40 level, and this could increase buying pressure as the price may move above the 9-day moving average to reach the $ 900 resistance. When trading at $ 1000, the continuation of the bullish might touch the $ 1100, $ 1200 and $ 1300 resistance levels.
In other words, over the past few weeks the Bitcoin Cash price range has continued to support the market against selling pressures. However, if Bitcoin Cash reverts to previous supports, the bears could take over the market. But the bulls seem to be approaching. Therefore, traders can wait for an uptrend before a new reversal takes place.
The daily chart shows that the bulls are reentering the market against Bitcoin as well. So they are following the last positive signal that started today. If buyers can keep up with the pressure, the trend may continue to rise. If the bulls manage to break above the 9-day and 21-day moving averages, the market price could reach the 1100 SAT and above resistance level.
Resistance levels: $ 1100, $ 1200, $ 1300
Support levels: $ 400, $ 300, $ 200