Home
News
- 1 Bitcoin Cash price prediction remains bullish for the term till it trades above $150.00.
- 2 BCH price is trading between the 50-day and 200-day EMA.
- 3 Bitcoin Cash crypto price struggles to regain the $200 level.
Bitcoin Cash price prediction is bullish for the long term till BCH crypto trades above the $150 level. It suggests prices are near the crucial support so trend reversal is possible.
BCH price drops below the 50-day EMA showcasing that the short-term trend has reversed. However, the prices still hold the 200-day EMA which is likely to act as a strong support for the bulls.
Bitcoin Cash price is in a short-term correction mode and sellers are dominating on higher levels. Short-term pullback toward $220 is facing difficulty in holding the higher levels indicating sellers are active.
In mid-August, the BCH price breakdown broke the $220 support which triggered the negative sentiment. It fell approximately 30% in two trading sessions and raised concern for long-term investors. However, the downfall halted near $166.00 and prices entered a consolidation.
After consolidating for a few days, BCH’s price attempts to break out of the $200 level. Sadly the attempt was not successful and prices again reverted down.
Presently, Bitcoin Cash price is trading at $193.00 with a rise of 0.47%. The 24-hour volume to market cap is 3.21%.
Is the Correction Over in Bitcoin Cash Price?
Bitcoin Cash price prediction suggests a significant rise in BCH crypto may come in September 2023.
It corrected 43% from the recent swing high and eroded the 50% gains generated in June 2023. However, BCH price has formed a strong base near $160 so the downside risk looks limited.
Till Bitcoin Cash price sustains above $160.00 the possibility of regaining the $200 level remains high. However, the prices will pick up the momentum when buyers are able to break the $234.00 hurdle.
The technical analysis suggests the correction in BCH might continue for some more time. But the downside seems limited to $160.00.
BCH Price Analysis on Weekly Time Frame
BCH price formed a long tail bearish hammer candle on a weekly time frame. The overall crypto market is mildly bearish which might negatively impact the prices of BCH and other altcoins.
The MACD curve slopes sideways indicating prices lacked direction and might spend some time in consolidation. The RSI at 42 denotes weakness but if the prices recover then it might test the neutral territory.
Conclusion
Bitcoin Cash price prediction is bullish for the long term. However, for the short term, prices look mildly bearish but buyers are trying their best to rebound.
The technical analysis suggests the correction in BCH price is not over but downside risk is limited to $160.
Technical levels
- Resistance levels: $234.00 and $250.00
- Support levels: $178.00 and $150.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
