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BCH Price Analysis – September 18
The Bitcoin Cash (BCH) rides the bulls on the daily chart. The traders are expected to have a great week ahead.
Resistance levels: $350, $360, $370
Support levels: $290, $280, $270
As the BCH trading volume continues to increase significantly, the bulls are taking charge. As at the time of writing, Bitcoin Cash is currently facing a critical resistance at $335 level at the upper boundary of the channel. A break above the ascending channel is likely to produce a huge green candle to the upside, marking resistances at $350, $360, $370 levels and above.
However, a bearish step back is likely to roll the market back to $290 support with a possible break down to $280, and $270 supports, establishing a new low for the market. Looking at the chart, we can see that the trading volume is rising gradually, giving a sign of an upcoming big move. The Stochastic RSI hovers around the overbought area due to the increase in price. A precise bear cross might reveal a sell signal for the market.
Comparing with BTC, the market began the uptrend journey a few days ago to move above the moving averages of 9-day and 21-day. Yesterday, BCH eventually moved near the upper boundary of the channel, which raised the price to 0.0311BTC before dropping slightly. But today, the coin signaled a bullish rally, likely to meet resistance at 0.035BTC and 0.036BTC if pressure rises.
Meanwhile, from the market structure, we can say the bulls have regained the control of the market. In fact, the stochastic RSI is now rising up. BCH/BTC is likely to retrace to the break level around 0.032BTC where it is consolidated. Should Bitcoin Cash drops below this consolidation area, the price may find support at 0.027BTC and 0.026BTC levels.
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