Bitcoin Cash Price Prediction – August 21
The Bitcoin Cash price prediction shows that BCH withdraws from the $715 high as the coin moves to cross below the moving averages.
Resistance levels: $800, $850, $900
Support levels: $600, $550, $500
For the past few days, BCH/USD has been making an attempt to cross above the upper boundary of the channel, against selling pressure. However, should Bitcoin Cash fall back below the 9-day moving average, the bears might come back to dominate the market but at the time of writing, the bulls are still in charge. Therefore, in as much as the 9-day MA remains above the 21-day MA, traders may expect a bullish continuation before any reversal come into play.
Bitcoin Cash Price Prediction: What Could Be the Hope of BCH?
At the time of writing, the Bitcoin Cash price is seen trading down with a daily loss of 2.67% as shifted its focus toward the resistance level of $750 after clearing resistance at $715 a few days ago. However, the Bitcoin Cash was extremely unstable for the past 6 days of trading. Nevertheless, BCH/USD touched $700 in the early hours of today before plunging back to $675 where it is currently trading. At the moment, Bitcoin Cash is still following a bullish trend and above the 9-day and 21-day moving averages within the channel.
Meanwhile, if the market drives below the $650 support, the BCH price may slump to the initial support at $620, which may later take the price to its critical supports at $600, $550, and $500. Presently, the technical indicator Relative Strength Index (14) nosedives below 65-level, this could increase the selling pressure but any bullish movement above the channel may likely reach the $750 resistance level. Meanwhile, a bullish continuation could hit the resistance levels of $800, $850, and $900 respectively.
When compares with Bitcoin, the bears have been showing some commitment in the market because of the recent rise of BTC. Following the recent negative signs, the Bitcoin Cash price may continue to go down if the bears put more pressure on the bulls.
Moreover, as the Relative Strength Index (14) moves to cross below 50-level, it could lower the price of the coin to the support level of 0.0125 BTC and below. However, if the Bitcoin Cash moves back above the moving averages, it may continue the upward movement, and pushing it further could take it to the resistance level of 0.0150 BTC and above.
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