Bitcoin Cash Price Prediction: BCH/USD Touches $290 Daily High, What is Next?

BCH Price Prediction – September 1

For now, BCH/USD is mainly in the hands of the bulls as they eye action towards the $300 resistance level.

BCH/USD Market

Key Levels:

Resistance levels: $310, $320, $330

Support levels: $255, $245, $235

BCHUSD – Daily Chart

BCH/USD bulls are extending the price action above $285 as the coin hovers at $286.75 at the time of writing. However, the coin is seen focusing on the bullish momentum after a sustainable break above the 9-day and 21-day moving averages. More so, the coin has gained over 4.79% within 24 hours as it is using $265 support as a jumping-off ground to develop the upside momentum, which is now gaining traction.

Where is Bitcoin Cash (BCH) Going Next?

On the upside, if BCH/USD stays above the 9-day and 21-day moving averages, the market price may likely break-through another resistance at $300 and $305 respectively. Meanwhile, the technical indicator shows that the bulls are ready for action especially as the up-trending RSI (14) begins. Any further bullish movement may pave the way to the resistance levels of $310, $320, and 330.

On the other hand, if the price falls below the moving averages, the market may be compelled either to a range-bound or begin a downward movement. This could serve as a major blow for the market sentiments as traders may interpret it as a sign of underlying weakness. The next available support may come at $263, which could be followed by $255, $245, and $235 support levels.

Against BTC, one thing to note here is that the market is preparing to change the trend as the coin remains above the 9-day moving average, a short-term bullish breakout may likely play out because the technical indicator RSI (14) is moving above the average at 46-level. This may likely find the potential resistance level at 0.0250 BTC and above.

BCHBTC – Daily Chart

However, peradventure the buyers failed to hold the current market price at 0.0241 BTC, it may likely begin a downward movement, but while dropping further could bring the coin below the lower boundary of the channel and to the support level of 0.0220 BTC and below.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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