Bitcoin Cash Price Prediction – October 25
The Bitcoin Cash price is seen moving sideways with the short-term outlook ranging well within the channel.
BCH/USD Market
Key Levels:
Resistance levels: $700, $750, $800
Support levels: $550, $500, $450
BCHUSD – Daily Chart
According to the daily chart, BCH/USD is moving sideways at the time of writing. However, due to lack of enough buying power, bulls could not sustain higher growth leading to a retest of the broken support area at $614. Meanwhile, the technical indicator Relative Strength Index (14) is pointing towards a domineering sideways trading action in the coming sessions. Looking back at the recent dip, recovery has been steady but acutely limited under $620.
Bitcoin Cash Price Prediction: BCH Price May Create Another Low
The Bitcoin Cash price is trading at $619.94 as the immediate downside is protected by the support level of $614. Besides, the range support at $600 is a key to the BCH trading. Other critical areas to watch include the supports at $550, $500, and $450. Looking at it technically, sideways trading action could dominate the current session and this may continue in the coming sessions.
However, following the recent price, BCH/USD is currently is likely to face a potential resistance at $650 level above the 9-day and 21-day moving averages and a break above this barrier is likely to produce a huge green candle to the upside, which could hit the resistance levels at $700, $750, $800.
When compares with Bitcoin, the market is back below the 9-day and 21-day moving averages. At the time of writing, BCH is seen pushing the price downward as it is currently trading at 988 SAT. If the Bitcoin cash crosses below the lower boundary of the channel, it may likely meet support at 900 SAT and below.
BCHBTC – Daily Chart
Meanwhile, looking at the daily chart, we can say that the market price is likely to continue the downward movement as the technical indicator Relative Strength Index (14) nosedives to the south aiming to cross below 35-level. On the contrary, should Bitcoin Cash move above the 9-day and 21-day moving averages, it may find resistance at 1100 SAT and above.
Looking to buy or trade Bitcoin Cash (BCH) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
Comments are closed.