BCH Price Prediction – May 5
The market trading situation of BCH/USD is currently going an extra length to dare to push past its former hiked value achieved around April 16.
Resistance levels: $1,400, $1,600, $1,800
Support levels: $1,000, $900, $800
BCH/USD – Daily Chart
Today’s trading operation is presently experiencing a long bullish candlestick spanning from a low below $1,000 level to now briefly trade past the high point of $1,200. The 14-day SMA and the bullish trend-line are found closely pointing towards the north below the present market’s position. The Stochastic Oscillators are at a range of 80 slightly pointing to the north. And, with the length of the current bullish candlestick in formation, the crypto economy’s value will most likely continue to gain the market advantage at the expense of the US Dollar’s weaknesses as of now in the market.
Will BCH/USD market continue mooning through resistance points?
Having again reached its most previous value of $1,200 during today’s session, the crypto may tend to experience a pit stop around the point for a while. However, the degree of buying pressures exhibit by BCH/USD bulls is on a stronger note. And, that could let the acrypto’s valuation sustainably push further away from the previous peak level into entering through some pother resistance prices in the next session.
On the contrary to the BCH/USD upside, bears, as usual, need to exercise some degrees of patience as the forces that the present upswing possesses will be difficult to place a sell-order against. There is a need also to be on the lookout for strong rejection trading areas before considering a come-back into the market. In a more clear technical bias, the $1,400 immediate resistance point is most likely projected to be the area of price rejection.
BCH/BTC Price Analysis
In comparison, the BCH market’s valuation has again prolonged its appreciation trading power as paired with BTC. The BCH has had a bullish candlestick shooting up to surpass some of the previously achieved highs against the counter crypto. The 14-day SMA trend-line is located over the 50-day SMA indicator. The Stochastic oscillators are pointing to the north at around range 80 nearing the overbought region. That denotes that the base crypto still has a better chance to keep the dominance of the market.
Remember, all trading carries risk. Past performance is no guarantee of future results.