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Bitcoin Cash Price Prediction: BCH/USD Recovers From Downtrend Amidst Bullish Expectation

Bitcoin Cash (BCH) Price Prediction – June 01
Bitcoin Cash has been battling with downward correction. From its high of $280, the market fell to $224 low and resumed a range bound movement between $224 and $240. In the last 48 hours, BCH/USD  rebounded to break the resistance at $240, thereby breaking the range-bound movement. In the BCH/BTC pair, the crypto is in a descending channel. The market has continued to be in a downward move.

BCH/USD Market

Key Levels:
Resistance Levels: $280, $320, $340
Support Levels: $200, $160, $120

BCH/USD – Daily Chart

After the price rebounded and broke the resistance at $240, BCH rose to a high of $252. At the recent high the coin was resisted. After a pullback to $240 support, BCH resumed its upward move. The crypto is in an upward move to retest the $255 and $280 resistance level. BCH is currently trading at $245. On the upside, if BCH rebounds at the current support, the price will break through the resistance of $255 and $280.

The momentum will extend to a high of $320.Nonetheless, if the bulls fail to break the current resistance, the market will be compelled to a range-bound movement below the overhead resistance. Nevertheless, the pair is at level 53 of the Relative Strength Index. This indicates that BCH is the uptrend zone and above the centerline 50.

BCH/BTC – Daily Chart

In the BCH/BTC is in a bear market. The crypto is still in a downward move. The coin has fallen to the low of Ƀ0.025445 and resumed consolidation. BCH/BTC pair is characterized by small body indecisive candlesticks. These are Doji and Spinning top candlesticks which describes that buyers and sellers are undecided about the direction of the market. BCH/BTC is above 40% range of the daily stochastic. This indicates that the market is in a bullish momentum.

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.