Bitcoin Cash Price Forecast — February 23

Bitcoin Cash price is rebounding from the daily low of $289 as the price remains within the short-term uptrend.

Key Levels:

Resistance Levels: $400, $420, $440

Support Levels: $200, $180, $160

BCHUSD — Daily Chart

BCH/USD is trading towards the 9-day and 21-day moving averages after hitting the daily low at the $289 level. At the time of writing, Bitcoin Cash is changing hands at $300, having gain over 2.45% since the start of the European session. However, with the latest rally, the currency is likely to cross above the upper boundary of the channel and move into the positive zone.

Bitcoin Cash price is currently forming a bullish move as the bulls push the price to touch the 9-day and 21-day moving averages. However, if the bulls maintain the uptrend, BCH/USD can likely cross above the upper boundary of the channel to touch the $400, $420, and $440 resistance levels. In other words, any strong selling pressure could drag the price to the lower boundary of the channel if bears reenter the market.

However, should Bitcoin Cash fall below the moving averages, the bears can bring the price towards the $200, $180 and $160 supports. Meanwhile, the Relative Strength Index (14) technical indicator is seen. moving to cross above the 40 level, indicating a possible bullish move.

When compared to Bitcoin, Bitcoin Cash price continues to move sideways, but the current market movement could follow an uptrend if buyers push the price above the 9-day and 21-day moving averages to face the upper bound of the channel.

BCHBTC — Daily Chart

Also, as the Relative Strength Index (14) technical indicator moves to the 50 level, once above this level, the market price can resume an upward trend that can reach the resistance level of 900 SAT and above. . Meanwhile, a retest below the moving averages could bring the price down to the support level of 650 SAT and below.

Want to buy or trade Bitcoin Cash (BCH) now? Invest in eToro!

68% of retail investor accounts lose money when trading CFDs with this provider

See More information:

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store