Bitcoin Cash Price Prediction – November 8
The Bitcoin Cash price resumes the uptrend and reclaims the resistance level $600 amid market bullish pressure.
Resistance levels: $700, $750, $800
Support levels: $500, $450, $400
The BCH/USD indicates a bullish movement within the channel, trading above the 9-day and 21-day moving averages. A few days ago, it was revealed that BCH has been following sideways movement but currently the market is planning a volatile move in which Bitcoin Cash may move moderately. However, as the daily chart reveals, the BCH market may soon come out of this phase and make an effort to regain its initial momentum over time.
Bitcoin Cash Price Prediction: Bitcoin Cash (BCH) May Explode
At the time of writing, the Bitcoin cash price is changing hands at $613 and still moving at the middle boundary of the channel but any bearish movement below the 9-day and 21-day moving averages could bring the price to the support levels of $500, $450, and $400. On the upside, a sustained move above $650 could ease the initial downside pressure and create momentum for the bulls with the focus to move the market to the next resistance levels of $700, $750, and $800 respectively.
However, Looking at the daily chart, the technical indicator Relative Strength Index (14) is currently looking bullish as the signal line is moving to cross above 60-level. Furthermore, buyers may expect more gains if bulls inject more pressure on the market.
When compares with Bitcoin, the recent bearish movement is due to price stability below the 9-day and 21-day moving averages. According to the daily chart, the market keeps following the downtrend and a short-term bearish breakout is most likely to play out. The technical indicator Relative Strength Index (14) is seen moving below 40-level and this could find the nearest support level at 850 SAT and below.
However, the only condition for the resumption of the bullish trend is if the pair crosses above the moving averages, then the price may be pushed to the resistance level of 1050 SAT and above.
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