Bitcoin Cash Price Prediction: BCH/USD Breaks above $310, What to Expect?

BCH Price Prediction – August 16

Bitcoin Cash shows an amazing intraday hike as it rises from today’s low of $292 to touch the daily high at $313.

BCH/USD Market

Key Levels:

Resistance levels: $335, $345, $355

Support levels: $280, $270, $260

BCHUSD – Daily Chart

BCH/USD is currently trading above the critical resistance level. The coin is hovering at $308.57 after touching the daily at $313.73. 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 1.72% within 24 hours as it is using $300 support as a jumping-off ground to develop the upside momentum, which is now gaining traction.

What Is the Next Direction For Bitcoin Cash (BCH)

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 $320 and $330 respectively. Meanwhile, the technical indicator shows that the bulls are ready for action especially when the up-trending RSI (14) begins. Any further bullish movement may pave the way to the resistance levels of $335, $345, and 355.

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 $290, which could be followed by $280, $270, and $260 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 and 21-day moving averages, a short-term bullish breakout may likely play out because the technical indicator RSI (14) is moving above the average at 53-level. This may likely find the potential resistance level at 0.0270 BTC and above.

BCHBTC – Daily Chart

However, peradventure the buyers failed to hold the current market price at 0.0258 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 0.0245 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.