Bitcoin Cash Price Prediction – May 20
The Bitcoin Cash price touches the daily low of $614 as the cryptocurrency fluctuates sideways.
Resistance levels: $1100, $1200, $1300
Support levels: $400, $300, $200
BCH/USD shifted its focus to $800 after clearing resistance at $750. Since a few days ago, the market has been extremely down below the 9-day and 21-day moving averages. However, Bitcoin Cash reached a $500 low yesterday before rising back to $800 today. At the time of writing, Bitcoin Cash is creating a new bullish trend and trading at $807.21 within the channel.
Bitcoin Cash Price Prediction: Where is BCH Price Going Next?
The Bitcoin Cash price is currently trading around the lower boundary of the channel, peradventure the market drives below this barrier, the BCH price may likely slump to the initial support at $600, which may later bring the price to its critical supports at $400, $300 and $200. But presently, the signal line of Relative Strength Index (14) crosses above 40-level and this could increase the buying pressure as the price may cross above the 9-day moving average to reach the $900 resistance. While trading at $1000, a bullish continuation could touch the resistance levels of $1100, $1200, and $1300.
In other words, over the past few weeks, the Bitcoin Cash price range has continued to support the market against selling pressures. However, if Bitcoin Cash returns to previous support and rallies, the bears could take over the market. But the bulls seem to be approaching. Therefore, traders can always wait for a bullish chase before another reversal occurs.
Against Bitcoin, the daily chart shows that the bulls are re-entering the market. Hence, they follow the last positive signal started today; The trend could continue to rise if buyers can keep up with the pressure. However, if the bulls manage to break above the 9-day and 21-day moving averages, the market price could hit the resistance level of 1100 SAT and above.
Meanwhile, a retest could allow the pair to go below the lower boundary of the channel and lower the price to the support of 400 SAT and below. The Relative Strength Index (14) is crossing above 40-level which could boost the bullish movement.