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
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.
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.
