Search Inside Bitcoins

Bitcoin Cash Price Prediction: BCH/USD Witnesses a Notable Upward-Price Reversal to Locate a Low Around $500

BCH Price Prediction – February 27
Bitcoin Cash has been overwhelmed to an extent by the US dollar after a sharp drop on February 22. And, that has eventually led the crypto’s value to trade around a low value of $500 from a high of $700.

BCH/USD Market
Key Levels:
Resistance levels: $700, $800, $900
Support levels: $400, $350, $300

BCH/USD – Daily Chart
Featuring variant short trading candlesticks is taking place within space of the two SMA trend-lines presently. The 14-day SMA is over the 50-day SMA. The smaller SMA is above the bigger SMA trading indicator pointing slightly to the east direction. The last bullish trend-line is now closely found around the 50-day SMA to add to the firmness of the tough point that awaits a further downward drop. The Stochastic Oscillators have moved into the oversold region to possibly indicate a reduction in seeing more downward moves of the BCH/USD market.

Has the BCH/USD price reached a point around the $500 mark for a rebound?
It is most likely that at the current $500 trading point, bulls stand a better chance to make a visible stride in the next session. In that wise, price could hold strong for long creating a line of small-lower lows around $500 and $400 levels for a while before the bulls could make a clear direction in their favor. However, the presumed move has to backup by active price action to ensure a complete affirmation.

The BCH/USD bears seem getting reduced in momentum as being indicated on the trading chart. The downward move may in the long run extend to test the $400 low point in completion of bears’ strength. Meanwhile, a violent breakdown of the point may cause bears’ trap. Therefore, traders should be wary of considering going short further.

BCH/BTC Price Analysis
Comparing BCH to BTC price moves, there has continued to be pressure on the base-crypto as paired with the counter-crypto. However, the falling pressures are almost exhausted as price now closely approaches the base-line. In what looks like the usual trading phenomenon, the base-crypto has a higher probability to regain its lost stance against the counter-crypto any time from now. As a result of that assumption, a recovery move is in the loom.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close