Bitcoin Cash Price Prediction: Bulls need to fight tooth and nail to stay above $300 - Confluence Detector
|- BCH/USD went down from $305 to $300.80 in the early hours of Thursday.
- The bulls have massive levels of resistance up front, which indicates that upward growth will be difficult.
The bears have taken over BCH/USD in the early hours of Thursday, taking the price down from $305 to $300.80. If the bulls want to top further downward momentum and keep the price in the $300 range, they will need to rally together and fight back as soon as possible. As per the daily confluence detector, BCH/USD faces thick stacks of resistance up front, which makes further upward movement extremely difficult.
BCH/USD Confluence Detector
The levels of resistances are at $303 - $306, $306.50 - $309, and $311. The confluences at those levels are:
- $303-$306: Hourly previous high, SMA 5, SMA 10, 4-hour Bollinger band middle curve, 15-min Bollinger band middle curve, SMA 50, 15-min previous high, Daily 61.8% Fibonacci retracement level, and hourly Bollinger band middle curve
- $306.50-$309: SMA 100, SMA 5, daily 38.2% Fibonacci retracement level, 15-min Bollinger band upper curve, weekly 23.6% Fibonacci retracement level, and hourly Bollinger band upper curve.
- $311: 4-hour previous high and daily 23.6% Fibonacci retracement level.
The support levels range from $295-$296. The confluences at those levels are - Daily previous low and 200-day simple moving average (SMA 200), SMA 50, and daily pivot point support 1.
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