BCH Price Analysis – September 9
Bitcoin Cash (BCH) rides the bulls on the daily chart. The traders are expected to have a great week ahead.
Resistance levels: $330, $340, $350
Support levels: $270, $260, $250
If the BCH trading volume can continue to increase significantly, a bullish run is likely to occur. Following the recent price, Bitcoin Cash is currently facing a critical resistance at $310 level at the upper boundary of the channel. A break above the ascending channel is likely to produce a huge green candle to the upside, marking resistances at $330, $340, $350 levels and above. By then, the BCH market will follow a bullish run.
However, a bearish step back is likely to roll the market back to $270 support with a possible break down to $260, and $250 supports, establishing a new yearly low for the market. Looking at the chart, we can see that the trading volume is rising slowly, giving a sign of an upcoming big move. The Stochastic RSI hovers around the overbought area due to little price increase. A precise bear cross might reveal a sell signal for the market.
Against BTC, the market bounces back 2 days ago to move above the 21-day moving average. Yesterday, BCH eventually broke up the channel, which raised the price to 0.029BTC before the slight drop today. Bitcoin cash has now signaled a bullish rally, likely to meet resistance at 0.032BTC and0.034BTC if pressure rises. In fact, the stochastic RSI is now rising up.
Meanwhile, from the market structure, we can say the bulls have regained the control of the market. Before the positive climb start, BCH is likely to retrace to the break level around 0.029BTC where it consolidated. Should Bitcoin Cash drops below this consolidation area, the price may find support at 0.025BTC and 0.023BTC levels.
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