Bitcoin Cash Price Prediction – August 29th

The Bitcoin Cash price prediction shows that BCH is floating above the moving averages as indicated by the RSI technical indicator (14).

BCH / USD market

Key levels:

Resistance Levels: $ 750, $ 800, $ 850

Support levels: $ 550, $ 500, $ 450

BCHUSD – daily chart

BCH / USD hits its high at $ 692 today, after which it has failed to sustain the trend as the price falls and consolidates around the 9-day-21-day moving averages. However, unless the price goes above the USD 700 resistance level, it will ruin the long-term technical picture of the coin. Hence, bitcoin cash needs to climb back to $ 700 to add buying pressure, while next resistance expects the coin at $ 695, which could be the daily high.

Bitcoin Cash Price Prediction: Bitcoin Cash May Keep Expanding

At the time of writing, Bitcoin Cash is currently hovering above the 9- and 21-day moving averages, but a move south could likely push the coin to the $ 550, $ 500 and $ 450 support levels. From above, a sustained move above the upper bound of the channel can give momentum to the bulls with a focus on moving the market to the next resistance levels of $ 750, $ 800 and $ 850, respectively.

At the time of writing, the signal line of the Relative Strength Index technical indicator (14) is moving to break the 60 mark, suggesting that BCH / USD may continue to trade bullishly. Looking at the daily chart, the 9-day MA must not fall below the 21-day MA to allow buyers to focus on the move north.

Compared to BTC, after trading for the past few days, the bulls have shown great commitment to BCH trading by following the recent positive sign. Additionally, the current market trend could continue to rise if buyers can continue to take the pressure.

BCHBTC – daily chart

However, if the bulls manage to push the coin above the upper bound of the channel, the market price could likely hit the next resistance level of 1550 SAT and above. On the contrary, retesting could allow the pair to break below the 9- and 21-day moving averages and bring the price down to the support level of 1200 SAT and below. However, the technical indicator Relative Strength Index (14) is likely to cross the 50 mark, indicating additional bullish signals in the market.

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