Bitcoin Cash price gearing up for a potential pullback to $270 – Confluence Detector


  • Bitcoin Cash price is currently trading inside an uptrend but could face short-term resistance.
  • BCH faces one critical resistance level before $300.

Bitcoin Cash price has been able to establish a 12-hour uptrend and climbed above two critical support levels in the form of moving averages. The digital asset aims to climb above $300, but could be facing a mild correction in the short-term first. 

Bitcoin Cash faces a sell signal in the short-term

On the 12-hour chart, the TD Sequential indicator is on the verge of presenting a sell signal despite the digital asset climbing above the 50-SMA and the 100-SMA. Confirmation of the call can push BCH towards the 100-SMA at $285 and as low as $270 where the 50-SMA currently stands.

bch price

BCH/USD 12-hour chart

According to the confluence detector, the most significant support level is formed at $294 where the previous weekly high and hourly low coincide. Nearby, there is also some support around the $293 level. It seems that a breakdown below these levels would push Bitcoin Cash to the $270 target mentioned above.

On the other hand, bulls face very little resistance towards $300. The most vital level is $298 where the Pivot Point 1 Day R3 is established. It seems that above this point, BCH is free to run towards $320.

bch price

BCH/USD confluence levels

The In/Out of the Money Around Price (IOMAP) seems to show a similar story indicating that there is a lot of support on the way down below $292 but only a crucial resistance area between $302 and $309. 

bch price

BCH IOMAP chart

The IOMAP adds credence to the bullish theory that a breakout above $300 would lead BCH towards $320 and above. Similarly, the most critical support level is the bearish price target of $270.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Chainlink Price Prediction: LINK to continue range-bound moves

Chainlink price is recovering after tapping the lower boundary of a rising wedge pattern. The supply and demand zone formed suggests LINK could move sideways. A breakdown of 78.6% Fibonacci retracement at $30.6 could trigger a 13% correction to $26.64.

More Chain Link news

XLM Price Prediction: Stellar bulls prepare for 200% advance to new highs

XLM price tapped the lower trend line of an ascending parallel channel during the recent crash. A continuation of the bounce from this level shows the promise of a 200% bull rally to $1.42, a new all-time high. Stellar could start a new downtrend if the lower range of the demand zone at $0.40 is shattered.

More Stellar Lumens news

XRP Price Prediction: Ripple bulls face extinction as profit-booking intensifies

XRP price is moving toward the immediate demand zone ranging from $1.33 to $1.50. This decline since April 14 suggests a weakening bullish momentum that could drive Ripple toward the next support area.

More Ripple news

Bitcoin price crashes 14% sending cryptocurrency market into tailspin

Bitcoin price shows massive sell-off as it slid from $60,900 to $51,541. This crash comes after rumors of the US treasury charging several financial institutions for money laundering using cryptocurrency emerge.

More Bitcoin news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.

Read the weekly forecast

BTC

ETH

XRP