- Bitcoin Cash Price Prediction remains bullish for the long term till it sustains $100.00 support.
- BCH Price continues to consolidate in the narrow range.
- Bitcoin Cash crypto struggles to keep the price above the 50 day EMA.
Bitcoin Cash Prediction remains bullish for the long term till the price sustains above $100.00 support. From the past few months, BCH Price is consolidating in the wide range between $100 to $140.00 and expected to see breakout soon.
BCH price faced hurdle at 200 day EMA and also dropped below the 50 day EMA show downtrend. However, the prices are near to the demand zone and sellers are facing difficulty to pull the prices further down.
Bitcoin Cash Price has formed a strong base near $100.00 and buyers seem to be highly active on the lower levels. Therefore, any minor dips toward $100.00 will have a high probability of bounce back again.
Bitcoin Cash Price is trading at $113.60 with an intraday decline of -1.82%. The 24 hour volume of market cap ratio is 0.0322. The BCH/BTC pair is trading at 0.00425 with an intraday decline -0.23%.
The correlation of BCH with BTC is 0.76 which is quite high. Therefore, if the Bitcoin Price (BTC) recovers then it might positively impact the price of Bitcoin Cash. The trading volume remains stable and no sharp rise in buying or selling is visible.
Will Bitcoin Cash Price perform well in 2nd half of 2023
Bitcoin Cash Price is quite stable and speculative spikes are low. At the mid of March, BCH price showed sharp recovery and attempted to break the $140.00 hurdle.
The attempts failed and prices were thrown back to the lower range. It indicates the strong presence of sellers on the higher levels. Therefore, till BCH trades below $140.00 it will lack the momentum.
On the other hand, till Bitcoin Cash Price holds $100.00 the possibility of the rebound remains high but limited to $140.00.
The next phase of the rally will begin when buyers succeed to break the $140.00 hurdle. Till then it is expected to continue the consolidation.
The technical analysis suggests, Bitcoin Cash Price is mildly bearish but till it holds $100, Any time sharp bounce is possible.
Will BCH Price give up $110.00 support
BCH Price is forming either a Doji candle or a bullish hammer candle on a weekly time frame. In the past few weeks, BCH price tried multiple times to break down the $110.00 support. However, $110.00 is still intact and buyers are trying best to turn direction toward $140.00.
Technical indicators like MACD have generated a positive crossover indicating bullishness. However, the price action denied the fact and does not show any signs of reversal.
The RSI at 45 sloping down denotes weakness but prices are likely to test the neutral territory in the coming few weeks.
Conclusion
Bitcoin Cash Price Prediction suggests a significant rise in the long term. However, the price will gain momentum only above the $140.00 level. Presently, BCH Price is near to the demand zone and till it holds $100 the possibility of rebound remains high.
Technical levels
Resistance levels: $140.00 and $154.00
Support levels: $105.00 and $100.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.