Bitcoin Cash Price Prediction: BCH/USD faces little upside with strong resistance up front
- Price went down from $254 to $262.45.
- BCH/USD has a strong support level at $262.
BCH/USD went down from $265 to $262.45 as markets opened this Friday. The daily confluence detector shows us little upside as strong resistance levels hamper the price up front. The bulls have one healthy support level at $262 which then can bounce off if needed.
BCH/USD Daily Confluence Detector
As per the confluence detector, the resistance levels are at $265, $268.50, $274, and $282. Confluences at those levels are:
- $265: SMA 5, weekly 23.6% Fibonacci retracement level, and 15-min Bollinger band middle curve.
- $268.50: Daily 61.8% Fibonacci retracement level, SMA 100, 15-min Bollinger band upper curve, and SMA 10.
- $274: Weekly 38.2% Fibonacci retracement level and SMA 200.
- $282: Monthly 38.2% Fibonacci retracement level.
The support levels are at $262 and $250. The confluences at those levels are:
- $262: Daily previous low and 4-hour previous low.
- $250: Previous week low.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
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