BCH Price Analysis – October 1
Bitcoin Cash (BCH) has been trading between the bull and the bear, while the price of the coin fluctuates sideways.
Supply levels: $280, $300, $320
Demand levels: $180, $160, $140
Bitcoin Cash (BCH/USD) is trading at $222.94. The coin is still moving within the channel and below the moving averages of 9-day and 21-day, indicating an indecisive movement in the market. For the time being, the market price is moving towards the lower limit of the channel and the trading volume is issuing a sell signal but the stochastic RSI is recovering from the oversold.
Moreover, Bitcoin Cash price is expected to reach a $260 resistance level. Any attempt by the buyers to cancel the BCH/USD decline and the development of the downtrend will result in an upward trend. The purpose of this movement is to for the buyers to push the price to the crucial resistance levels at $280, $300 and $320. On the downside, the price could reach the critical supports at $180, $160 and $140 levels.
Comparing with Bitcoin, the market has moved for a while in a very different way. But currently, sellers and buyers are trying to decide who will control the market while trying to break the upper or lower part of the descending channel and falling below the moving averages while the stochastic RSI is moving out of the oversold zone.
However, if the bears succeed in breaking down the price, one would expect the market to fall to support level at 0.023BTC and 0.022BTC. Meanwhile, a rebound could push the price to the resistance levels of 0.031BTC and 0.032BTC respectively. If the scenario is not done, the market will continue to respect the trend line.
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