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Bitcoin Cash Price Prediction: BCH/USD Gains 2.81% as Bulls Pushes the Price Above $370

BCH Price Analysis – January 28

Bitcoin Cash (BCH) is following bullish sentiment as the daily chart reveals while the sellers are waiting to scalp gains from potential pullbacks.

BCH/USD Market

Key Levels:

Resistance levels: $415, $425, $435

Support levels: $300, $290, $280

BCHUSD – Daily Chart

At the beginning of this month, BCH/USD broke out of a descending channel that captured the mid-2019 bearish momentum. This breakout was characterized by a strong bullish candle that was later followed by a series of increases to hit $174 on a monthly high at the time of writing. After meeting rejection at $366 on January 18, since then BCH corrected to $304 with a pin bar candle on January 25.

However, over the weekend, BCH showed strength one more time with a bullish engulfing candle, which brought a quick bounce back in the market. As of now, the bullish sentiment became more significant after producing a green candle. If the buyers continue to reiterated setup, we should expect resistance at $405 before the end of this week. Meanwhile, $415, $425 and $435 resistance levels are most likely to surface.

Moreover, BCH/USD is enjoying support which is below the 9-day moving average at $330. If the price drops and breaks below this support, Bitcoin Cash may roll back to the support area of $310. Below this support lies $300, $290 and $280 respectively. Regardless of the above, BCH/USD is considered bullish as the technical indicator RSI (14) is moving into the overbought zone.

BCH/BTC Market

Against BTC, the market bounces back from last week falling to move above the 9-day moving average. Yesterday, BCH eventually pushed the price upward and raised it to 0.043 BTC before the slight drop. Today, Bitcoin cash has now signaled a bullish rally, likely to meet resistance at 0.045 BTC and 0.047 BTC if pressure rises. In fact, the stochastic RSI is moving out of the oversold zone.

BCHBTC – Daily Chart

Meanwhile, from the market structure, we can say the bulls are back to dominate the market. More so, before the positive climb start, BCH is likely to retrace to the break level around 0.038 BTC. Should Bitcoin Cash drops below this consolidation area, the price may find support at 0.037 BTC and 0.035 BTC levels.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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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.