BCH Price Analysis – July 31
Bitcoin Cash has proved its worth many times. Over the last 24 hours, the coin has managed to show overall growth as the price target more gains for the bulls.
Resistance levels: $400, $410, $420
Support levels: $250, $240, $230
Bitcoin Cash (BCH) has proved itself as one of the significant coins paying out huge returns. The coin has been struggling for the last few days to get good growth, but the last 24 hours have helped the coin to ride on fire. BCH price is currently trading at $331.3 and moving above the 21-day moving average (blue line).
Over the past few days of trading, BCH was looking for key support after a quick bullish regroup that allowed the market to test the $324 high during yesterday’s trading. If the $250, $240 and $230 levels can provide support for the market, the price of BCH will continue to rise towards the nearest resistance level of $360, before hitting the potential resistance at $400, $410 and $420 on a long-term trend. The daily MACD still generates some bullish signals following the price growth which pushed the market back above $300.
Against Bitcoin, the coin started the upward movement on July 14 and the bulls have steadily marched towards the resistance level of 3900SAT and above. Moreover, the trend will continue to go up if the buyers could sustain the pressure further. There’s still more room to contain long position for BCH traders.
Similarly, BCH signals bullish swing after crossing the blue-line of 21-day MA on the chart outlook. Therefore, the price of Bitcoin Cash is likely to go up as high as 4000SAT and above. At the same time, we can expect more volatility in the next few days and a possible downtrend is likely to meet major support at the 2700SAT and below. Presently, MACD is facing a resistance at the zero level on a long-term for Bitcoin cash (BCH), indicating a bullish movement.
Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.