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- 1 Bitcoin cash price gained 11% on a weekly basis and showed V- shape recovery.
- 2 Bitcoin cash price prediction suggests a rise and may strike the $150 mark.
- 3 BCH price holds the 50 day EMA and 200 day EMA showcase uptrend.
Bitcoin cash price shown V-shape recovery of 30% approx from the recent swing low at $105.00 indicates buyers are active at lower levels. BCH price has gained 11% on a weekly basis and succeeded to regain the price above the 50 and 200 day EMA. It shows that the positional trend is still bullish and more upward momentum is possible.
Bitcoin cash price currently trading at $133.40 with an intraday rise of 1.75% and 24 hour volume to market cap ratio at 0.0712. The pair of BCH/BTC is trading at 0.00492 with an intraday rise of 1.03%. At the mid of January, Bitcoin cash price witnessed a rise in the buying volume and prices also started picking up the positive momentum.
BCH price began to expand upside by forming higher high swings and turned the short term trend in the favor of bulls. During the rally, Minor profit booking is also visible from the hurdle zone but BCH price still holds $120 and bounce back with strong momentum. Bitcoin cash price has attempted to break out of the $150.00 level but unfortunately prices faced strong rejection and reverted in a downward direction. Later, overall market sentiment turned mild bearish and BCH price started declining by forming lower lows candles. The fall was painful and the prices lost almost all their previous gains.
Will Bitcoin cash price continue the rally?
Bitcoin cash price prediction suggests a rise in the long term and it may again strike the $150.00 mark in the coming months. At the beginning of March, BCH bears attempted to pull the prices below the $100 level but luckily they failed. BCH price took support at $105.00 and formed a bullish hammer candle which indicated the signs of bullish trend reversal. Later, the overall market sentiment improves and BCH price bounce back and continue to rise upward. However, the price is near to the supply zone and $140.00 might act as an immediate hurdle for the bulls. The probability of striking the $150.00 mark will increase when prices are able to sustain above $140.00. Till then it is expected to trade in the narrow range $120.00 to $140.00.
BCH price analysis with indicators
Bitcoin cash price analysis with technical indicators showcase prices are into the bulls grip and confidence of the buyers is visible. The MACD has generated a positive crossover indicating bullishness to continue in coming days. The RSI at 55 sloping north denotes strength of bulls and more room for upside is open.
Conclusion
Bitcoin cash price has shown V- shape recovery and recovered 30% approx from the recent swing low. BCH price is on rise forming higher highs denotes the buyers are gaining confidence and more upward momentum is possible. The technical analysis suggests that BCH price might strike $150 mark, if it sustained above $140.00 hurdle. Till then prices are expected to remain in the range mentioned above.
Technical levels
Resistance levels : $140.00 and $155.00
Support levels : $120.00 and $105.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
