Bitcoin Cash Price Prediction – May 4
The Bitcoin Cash price prediction shows that BCH price stays above the 9-day moving average to continue the bullish movement.
Resistance levels: $380, $400, $420
Support levels: $200, $180, $160
BCHUSD – Daily Chart
BCH/USD is currently exchanging hands at $299.84 after the coin begins trading today at $279.47 and may consolidate within the channel. Meanwhile, the price not staying above $300 may ruin 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 $250, which could be the daily low.
Bitcoin Cash Price Prediction: Bitcoin Cash May Head to the Upside
The Bitcoin Cash price regains back above the 9-day moving average, but any bearish cross below the lower boundary of the channel may bring the coin to the support levels of $200, $180, and $160. On the upside, a sustained move above the channel may create more strength for the bulls with the focus to move the market to the next resistance levels of $380, $400, and $420 respectively.
However, the technical indicator Relative Strength Index (14) moves to cross above 50-level, which indicates that the market may follow the upside. Looking at the daily chart, there may be a need for support to be formed around $280 and $260 to provide tight protection which could allow the buyers to concentrate on stirring action to the north.
When compared with Bitcoin, BCH price is hovering below the 9-day and 21-day moving averages as the buyers may push it to the upside, while the technical indicator Relative Strength Index (14) moves above the 40-level.
BCHBTC – Daily Chart
However, if the bulls succeeded in breaking above the moving averages, the BCH price may hit the potential resistance level at 820 SAT and above. On the contrary, any bearish movement towards the lower boundary of the channel could bring the price to the support level of 680 SAT and below.