Bitcoin Cash Price Prediction: BCH/USD Struggles for Recovery from a Recent Downward Correctional Move
BCH Price Prediction – March 11
BCH/USD market has been witnessing relaxant upsurges since March 1 when it was expected to build on increasing on a spike that occurred in the crypto-market. The crypto-pair has been only featuring shorter ups a bit above the level of $500 until the present.
Resistance levels: $600, $700, $800
Support levels: $400, $350, $300
BCH/USD – Daily Chart
The daily trading chart depicts the BCH/USD crypto-trade will still have to re-find its recovery-base spot in another downward move as the current potential power to surge higher to the north appears very weak. The 50-day SMA trend-line points to the north below the current trading value of the crypto-economy as the 14-day SMA trends along with the price in a low-active moving mode. The Stochastic Oscillators are into the overbought region attempting to cross the hairs within it. That signifies that the crypto’s value may witness some less active moves around its present trading zone of $550 level.
Will a revisit of a low value below $550 be ideal for a smooth upsurge in the BCH/USD trade?
As the BCH/USD bulls continue to struggle in a recovery-moving manner, it is apparent that the kind of forces that they presently possess not weighty. Hence, the reasons for the current featuring of lower highs in the crypto-trade. A slight downward move off the $550 will be technically ideal for a decent upward move as it is necessary..
On the flip side, bears may have to resist an upward move around the immediate resistance value of $600. Otherwise, it may be a good habit to wait for a test of another higher resistance point toward the $700 level while a visible reversal move tends to emerge before considering a sell position. However, there may still be a line of fluctuation moves running into a range trend in the next trading sessions while the crypto-market lacks active price action.
BCH/BTC Price Analysis
Comparing the market action of BCH with BTC, it still shows that the counter-crypto maintains its firm valuation over the base-crypto until the present. The 14-day SMA trend-line points to the south over the current trading spot to attest to that. And, the 50-day SMA trading indicator is located above the smaller SMA. The stochastic Oscillators point to the south briefly past range 20 into the oversold. That simply denotes an ongoing falling force in the crypto-pair. Meanwhile, it is expected of the base-crypto to regain its lost catalyst in a near trading session.