BCH Price Prediction – May 24
Following the past few days of price actions, the Bitcoin Cash price is consolidating below the moving averages within the channel.
Resistance levels: $280, $300, $320
Support levels: $180, $160, $140
Looking at the daily chart, BCH/USD price continues to consolidate itself in a flag formation, waiting for a potential breakout. The daily breakdown shows us that BCH/USD had dropped to $225.93 which is below the moving averages after correcting itself to $230 level. If the support gets weak, a price break-down may occur as the bears may find new monthly lows at $180, $160, and $140 support levels.
However, a bullish step back is likely to roll the market back above the moving averages and towards the $260 resistance with a possible break out of the channel to reach the resistance levels of $260 and $270, establishing a new monthly high for the market. At the moment, the technical indicator RSI (14) is facing the south at the moment. Meanwhile, a precise bull cross might reveal a buy signal for the market.
Comparing with Bitcoin, the recent sideways movement is due to the price stability within the market which shows that the resistance-support is at equilibrium. Another thing to note here is that the market is preparing to change the trend and a short-term bearish breakout is most likely to play out because the technical indicator RSI (14) moves below the 40-level and this could find the nearest support levels at 0.023 BTC and below.
However, the only condition for a bullish movement is if the 0.025 BTC level can continue to provide support for the market, then the price may be pushed above the 9-day and 21-day moving averages to hit the resistance level of 0.028 BTC and above. Meanwhile, the pair continues to remain in a sideways movement hovering within the moving averages.
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