Bitcoin Cash price prediction: Choppy inside falling wedge, with limited upside


  • BCH bulls fighting back control amid a down day for cryptos.
  • Trapped in a narrow range, below key HMAs.

Bitcoin Cash (BCH/USD) extends its tepid recovery from six-day lows of 302.22 on Sunday, as the bears look to give up it's three-day losing into the weekly closing. The No. 4 coin breached Thursday’s low of 302.41 but managed to hold the 302 handle before recovering to now trade around 306.00.  Despite the latest recovery attempt, the price is down 3% in the last 24 hours, standing at a market capitalization of $ 5.52 billion vs. $ 5.63 billion previous.

BCH/USD 1-hour chart

As observed on the hourly sticks, the price continues to face rejection along the falling wedge upper trendline while buyers jump in at the lower boundary, leaving the coin wavering in a narrow range since last Friday. On Sunday, the price bounced-off the trendline support at 302.22 but the upside attempts appear shallow, with the hourly Relative Strength Index (RSI) aiming to regain the 50-neutral level. Should the recovery gain momentum, the bearish 21-hourly Simple Moving Average (HMA) at 309.40 could immediately guard the upside. A break above the last will put the key resistance zone around 310.80-311.35, the confluence of pattern trendline resistance and horizontal 200-HMA, at test.

However, a failure to rise above the 21-HMA, sellers are likely to return for a retest of the multi-day lows of 302.22 below which the pattern trendline support now at 301.05 will come into play.

BCH/USD Levels to watch

BCH/USD

Overview
Today last price 307.4131
Today Daily Change -4.3373
Today Daily Change % -1.39
Today daily open 311.7504
 
Trends
Daily SMA20 304.5782
Daily SMA50 310.6936
Daily SMA100 343.1929
Daily SMA200 314.8672
 
Levels
Previous Daily High 318.351
Previous Daily Low 309.2412
Previous Weekly High 333.7339
Previous Weekly Low 300.0488
Previous Monthly High 358.4945
Previous Monthly Low 267.0256
Daily Fibonacci 38.2% 312.7211
Daily Fibonacci 61.8% 314.871
Daily Pivot Point S1 307.8774
Daily Pivot Point S2 304.0044
Daily Pivot Point S3 298.7677
Daily Pivot Point R1 316.9872
Daily Pivot Point R2 322.224
Daily Pivot Point R3 326.097

 

 

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