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Bitcoin Cash price prediction: 200-HMA at 289 - the level to beat for bulls

  • BCH bulls fighting back control as weekend love for crypto market returns.
  • On the road to recovery beyond 270, but will it last?
Bitcoin Cash price prediction: 200-HMA at 289 - the level to beat for bulls
Dhwani MehtaDhwani MehtaFXStreet

Following two straight days of massive declines, Bitcoin Cash (BCH/USD) is seen on a steady recovery mode so far this Saturday, as the weekend love for the cryptocurrencies seems to have returned. The coin bounced-off eleven-day troughs of 269.14 reached in Friday’s European trading and now trades around 280 levels, up nearly 1% on the day. Despite the latest recovery attempt, the price is down over 4.5% in the last 24 hours, still enjoying a market capitalization of $ 5.06 billion.

BCH/USD 1-hour chart

As observed on the hourly sticks, the price continues to battle the bearish 21-hourly Simple Moving Average (HMA) placed near 280.50 levels, as the buyers seek a sustained recovery above the last. Should the recovery gain traction, the next upside barrier at the downward sloping 50-HMA of 287.20 will come into play. Buying interest is likely to intensify on a break above the 50-HMA, opening doors for a test of the 200-HMA at 289. The bearish bias could negate on an hourly closing above the 200-HMA.

However, if the recovery lacks follow-through above the 21-HMA, bears will fight back control, sending the coin back towards the multi-day lows near the 270 region. A breach of this critical support could pave the way for steeper declines towards the 250 psychological level.

BCH/USD Levels to watch

BCH/USD

Overview
Today last price279.4519
Today Daily Change2.5876
Today Daily Change %0.93
Today daily open276.8643
 
Trends
Daily SMA20266.2947
Daily SMA50249.5942
Daily SMA100280.498
Daily SMA200323.3855
 
Levels
Previous Daily High294.7936
Previous Daily Low269.1403
Previous Weekly High308.1348
Previous Weekly Low269.1403
Previous Monthly High306.85
Previous Monthly Low197.9382
Daily Fibonacci 38.2%278.9399
Daily Fibonacci 61.8%284.994
Daily Pivot Point S1265.7385
Daily Pivot Point S2254.6128
Daily Pivot Point S3240.0853
Daily Pivot Point R1291.3918
Daily Pivot Point R2305.9194
Daily Pivot Point R3317.0451

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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