Bitcoin Cash Price Prediction for Today, March 5 – BCH Technical Analysis

The Bitcoin Cash price prediction shows that BCH falls toward the 9-day and 21-day moving averages as the selling pressure may come heavy in the market.

Bitcoin Cash is Predicted to Reach $505.56 By Mar 09, 2024

Bitcoin Cash (BCH) is currently trading at $463.86, reflecting a 24-hour loss of -4.81%. While the broader crypto market decreased by -3.49%, BCH underperformed against BTC with a loss of -7.16%. BCH is predicted to reach $505.56 by March 9, 2024, indicating a potential 10.25% increase in the next five days.

Bitcoin Cash Prediction Statistics Data:

• Bitcoin Cash price now – $463.5
• Bitcoin Cash market cap – $8.48 billion
• Bitcoin Cash circulating supply – 19.6 million
• Bitcoin Cash total supply – 19.6 million
• Bitcoin Cash Coinmarketcap ranking – #17

BCH/USD Market

Key Levels:

Resistance levels: $570, $590, $610

Support levels: $350, $330, $310

BCH/USD is slowing down and may settle below the support level of $430 if the bears increase the selling pressure. Meanwhile, the market price breaks down today, touching its lowest daily level at $433.79. In addition, the current performance of Bitcoin Cash is below the normal expectations as the coin may continue to follow the downtrend.

Bitcoin Cash Price Prediction: Bitcoin Cash (BCH) Ready for More Downtrends

If the Bitcoin Cash price fails to keep the price above the 9-day and 21-day moving averages, there is a risk for a fresh bearish wave. However, if the coin drops more and moves toward the channel’s lower boundary, the initial support may be located below the $420 level where the market price could restart its uptrend.

Nevertheless, as the 9-day moving average remains above the 21-day moving average, the upward movement may play out, but any bearish cross toward the downside could lead to critical supports at $350, $330, and $310. Moreover, a high swing above the upper boundary of the channel could take the bulls to a key resistance level of $550. If this comes to focus, the coin may trigger a bullish rally which could take the market price to $570, $590, and $610 resistance levels.

BCH/BTC Could Face the Downside

Against Bitcoin, the daily chart reveals that the buyers could not push the Bitcoin Cash to the upside. Meanwhile, following the recent negative signs, the trend may continue to go down if the bears keep on putting more pressure on the market.

Therefore, as the 9-day MA hovers above the 21-day MA, if the buyers fail to push the coin to the upside, the market price may focus on the downtrend, and crossing below the moving averages may locate the support at 5200 SAT and below, but any bullish movement above the upper boundary of the channel may locate the resistance at 9000 SAT and above.

@rektcapital informed his vast audience of over 409k followers on X (formerly Twitter) about the prolonged buildup in the $BCH/USD movement spanning several months. Additionally, he analyzed that Bitcoin Cash has indeed broken out of its previous range. #BTC #Crypto #Bitcoin

$BCH / USD

This move has been brewing for months

Bitcoin Cash has finally broken out#BTC #Crypto #Bitcoin https://t.co/MQKDRQwPaj pic.twitter.com/XJfoy9ZhrK

— Rekt Capital (@rektcapital) March 2, 2024

Alternatives to Bitcoin Cash

Bitcoin Cash experiences bearish momentum after reaching a daily high of $479.3, potentially retesting support at $433. Despite impending bearish signals, positive sentiment remains with the 9-day moving average above the 21-day average. A comparison with Bitcoin Minetrix shows promising potential in the latter due to its lower market cap and successful presale. While Bitcoin Cash’s large size may limit growth, the ongoing BTCMTX presale offers early entry for investors, signaling significant growth potential in decentralized mining.

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