BCH Price Analysis – February 5
Looking at the daily chart, BCH/USD is following a bullish movement while the sellers are waiting to scalp gains from potential pullbacks.
Resistance levels: $415, $425, $435
Support levels: $300, $290, $280
The Bitcoin Cash (BCH) price went up slightly from $378 to $422 in the early hours of today. Over the last five days. BCH/USD has already been trending in an upward channel pattern and will look to gain momentum after bouncing up from the upward trending line. However, despite all this, the RSI is hovering around 72.86 within the overbought zone, as BCH/USD goes through higher high.
Looking at the daily chart, BCH/USD is changing hands at $422.88 and if the market price drops further, the coin could slump below the 21 periods EMA which may likely reach the support levels of $355, $345 and $335, bringing the price to cross below the channel. Meanwhile, a strong buying pressure may continue to push the price to the resistance level of $440.
However, while trading at $450, a bullish continuation may likely push the price to $468, $478 and $488 resistance levels. Meanwhile, the RSI (14) technical indicator has crossed into the overbought zone, indicating that more bullish movement may come to focus.
Meanwhile, against BTC, when looking at the daily chart, following the trade for the past few weeks, the bulls have shown a great commitment to BCH trading. More so, by following the recent positive sign, the trend may continue to go up if the buyers can sustain the pressure further.
However, if the bulls succeeded in breaking the upper side of the channel, the market price may likely reach the next resistance level of 50000 SAT and 52000 SAT. In other words, a retest could allow the pair to go below the 21 periods EMA and lower the price to 38000 SAT and 36000 SAT support levels. With the look of things, the RSI (14) has crossed into the overbought zone which could boost the bullish movement.
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