Bitcoin Cash Price Analysis – May 11
The Bitcoin Cash price resumes the uptrend and reclaims the resistance level of $250 amid market bullish pressure.
Resistance levels: $300, $320, $340
Support levels: $180, $160, $140
BCH/USD indicates a bullish movement within the channel, trading near the 9-day moving average. Yesterday, it was revealed that BCH recovered from the low of $210.50 but currently the market is planning a volatile move in which Bitcoin Cash may move moderately. However, as the daily chart reveals, the BCH market may soon come out of this phase and make an effort to regain its initial momentum over time.
Bitcoin Cash Price Analysis: Bitcoin Cash (BCH) May Explode
At the time of writing, the Bitcoin cash price is changing hands at $249 and still moving at the middle boundary of the channel but any bearish movement below the lower boundary of the channel could bring the price to the support levels of $180, $160, and $140. On the upside, a sustained move above the 21-day moving average could ease the initial downside pressure and create momentum for the bulls with the focus to move the market to the next resistance levels of $300, $280, and $260 respectively.
However, Looking at the daily chart, the technical indicator Relative Strength Index (14) is currently looking bullish as the signal line is moving to cross above the 40-level. Furthermore, buyers may expect more gains if bulls inject more pressure on the market.
When compared with Bitcoin, the BCH price is hovering above the 9-day and 21-day moving averages. According to the daily chart, the market may continue the uptrend and a short-term bullish breakout is most likely to play out. The technical indicator Relative Strength Index (14) is moving to cross above 50-level and this could find the nearest resistance level at 850 SAT and above.
However, the only condition for the resumption of the bearish trend is if the pair crosses below the moving averages, then the price may slide to the support level of 650 SAT and below.