Bitcoin Cash price prediction: Can the bulls takeover following a bearish Monday?


  • BCH/USD fell from $338.50 to $329 this Monday. Currently, it is priced at $328.55.
  • The daily confluence detector shows two strong resistance levels on the upside.

Bitcoin Cash has had a bearish start to Tuesday, following a bearish Monday. This Monday, the price fell from $338.50 to $329. Currently, it is priced at $328.55. The hourly price chart shows that the price initially plunged to $329.65 before the bulls took it back up to $333.45. Following that, the bears took the price down to $329.

BCH/USD daily confluence detector

fxsoriginal

The daily confluence detector shows us two healthy resistance levels on the upside. $332-level has the 50-day simple moving average (SMA 50), SMA 5, 1-day Fibonacci 38,2% retracement level, 1-hour Bollinger band middle curve, 1-hour previous high and 15-min Bollinger band upper curve. $339-level has the 1-week Fibonacci 61.8% retracement level.

The strongest support level is at $326.75, which has the 1-week Fibonacci 38.2% retracement level.
 

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