Bitcoin Cash Price Prediction: BCH/USD Trades Slightly Above $550
Bitcoin Cash Price Prediction – August 9
The Bitcoin Cash price prediction reveals that BCH price is seen crossing above the 9-day moving average to continue the bullish movement.
Resistance levels: $670, $690, $710
Support levels: $460, $440, $420
BCH/USD is currently exchanging hands at $560 after the price dropped off yesterday and consolidates within the channel. Meanwhile, the price not staying above $600 ruins the long-term technical picture of the coin. However, Bitcoin cash will have to move back to this level to guide against the downward pressure while the closest support expects the coin at $500, which could be the daily low.
Bitcoin Cash Price Prediction: The Bitcoin Cash May Move Upward
The Bitcoin Cash price regains back above the 9-day moving average because the movement towards the south may push the coin to the support levels of $460, $440, and $420. However, the BCH/USD is trading at $560.46 and still trading above the 9-day and 21-day moving averages. On the upside, a sustained move above the upper boundary of the channel could create more strength for the bulls with the focus to move the market to the next resistance levels of $670, $690, and $710 respectively.
At the moment, the technical indicator Relative Strength Index (14) remains above 60-level, which indicates that the market still remains at the upside. Looking at the daily chart, there may be a need for support to be formed around $500 and $450 to provide tight protection which could allow the buyers to concentrate on stirring action to the north.
When compares with Bitcoin, BCH price is still below the 9-day and 21-day moving averages as the sellers keep the price at the downside and could fall towards the lower boundary of the channel while the technical indicator Relative Strength Index (14) moves above 40-level.
However, if the bulls succeeded in breaking above the upper boundary of the channel, the BCH price may likely hit the potential resistance level at 1500 SAT and above. On the contrary, the continuation of the bearish movement could bring the price to the support level of 1100 SAT and below.
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