BCH Price Prediction – March 9
The Bitcoin Cash (BCH) rides the bulls on the daily chart which may caused the traders to have a great week ahead.
Resistance levels: $650, $700, $750
Support levels: $450, $400, $350
BCH/USD continues to increase significantly, bulls are taking charge. At the time of writing, Bitcoin Cash is currently facing a critical resistance at $550 level around the 21-day moving average. However, a break above this level is likely to produce a huge green candle to the upside, marking resistances at $650, $700, and $750.
What is the Next Direction for Bitcoin Cash?
If the BCH price fails to break above the 21-day moving average, there is a risk for a fresh bearish wave. If the coin drops below the 9-day moving average, initial support may be located at a $500 support level where the market price could restart its decline.
Meanwhile, as the technical indicator, RSI (14) moves above 50-level , any further bearish crossing below this level could lead to the critical supports at $450, $400, and $350. Nevertheless, a high swing could take the bulls to a key resistance level of $340. If this possible, the coin may trigger a bullish rally towards the upper boundary of the channel.
BCH/BTC Market: Consolidating to the Downside
Against Bitcoin, the daily chart reveals that the sellers have started showing some commitment to BCH trading because of the recent rise of BTC. However, following the recent negative signs, the trend may continue to go down if bears continue to put more pressure on the market.
Moreover, as the RSI (14) signal line moves below the 35-level, if the buyers failed to hold the support of 950 SAT, the market price may remain at the negative side, if the coin cross below the lower boundary of the channel, it may bring it to the nearest supports at 800 SAT and below. Meanwhile, a rebound could take the price above the moving averages which could hit the resistance at 1200 SAT and above.