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.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 price prediction BTC, ETH, XRP: Building on future profits

Bitcoin has recovered above $8,000 to trade at $8,220 at the time of writing. However, the upside momentum seems to be fading away as all major digital assets are nursing marginal losses during early Asian hours on Monday.

More Bitcoin News

Ethereum market update: ETH/USD range-bound amid low trading activity

ETH/USD bottomed at $168.35 on October 18 and, having recovered above $170.00 entered a range-bound phase. By the time of writing, the second largest coin settled at $174.30, amid slow trading activity.

More Ethereum News

Ripple price prediction: XRP/USD stuck at $0.29 – Confluence Detector

Ripple’s XRP is changing hands at $0.2900, off the recent high registered at $0.3041. Now the third-largest digital asset with the current market value of $12.5 billion has stayed unchanged in recent 24 hours amid range-bound trading on the global cryptocurrency market. 

More Ripple News

Litecoin: LTC/USD falling wedge pattern hints breakout

Litecoin is grinding closer to a falling wedge pattern likely to correct the extended downtrend. The zone at $50-53 becomes a viable support area capable of halting massive declines.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP