Bitcoin Cash Price Prediction: Bulls have a clear path to $300 - Confluence Detector

BCH/USD went up from $286 to $297 this Friday.
BCH/USD also have three very prominent levels of support.

Rajarshi Mitra Independent Analyst

The BCH/USD bulls pulled the market back up from $286 to $297 this Friday following Thursday’s dip. This Thursday, the market dipped from $302 to $287, however, the bulls bounced back heavily this Friday. The daily confluence detector shows that BCH/USD has a clear path to $305 before meeting its first significant resistance level.

BCH/USD Daily Confluence Detector

According to the BCH/USD daily confluence detector, the only prominent resistance level lies at $305 which has the daily 61.8% Fibonacci retracement level.

The significant support levels as per the daily confluence detector are as follows - $295, $291-$293, and $285. The confluences at those levels are as follows:

$295: Hourly previous high.
$291-$293: Daily 38.2% Fibonacci retracement level, 50-day simple moving average (SMA 50), hourly previous low, SMA 5, and SMA 10.
$285: Daily 23.6% Fibonacci retracement level.

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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