Bitcoin Cash Price Prediction for Today May 5 – BCH Technical Analysis

adminMay 5, 2024

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Bitcoin Cash price prediction starts to rise as the coin presents an immediate resistance level.

Bitcoin Cash Price Prediction: Whale’s $13 Million Transaction Could Boost BCH to $500

On May 3, the price of Bitcoin Cash (BCH) soared above $440, breaking a five-day downward trend. With the notable resilience of whale investors, could this momentum propel BCH’s recovery above $500 in the future?

Bitcoin Cash Prediction Statistics Data:

Current Bitcoin Cash price – $445.84
Bitcoin Cash market cap – $9.2 billion
Bitcoin Cash Circulating Volume – 19.7 billion
Bitcoin Cash Total Supply – 19.7 billion
Bitcoin Cash CoinMarketCap Ranking – 15th

BCH/USD market

Main level:

Resistance levels: $650, $670, $690

Support levels: $230, $210, $190

Bitcoin Cash Price Prediction for Today May 5 – BCH Technical Analysis — BCHUSD – daily chart

BCH/USD is moving sideways as the coin may rise to $450. Following recent price declines, Bitcoin Cash is currently trading below its 9- and 21-day moving averages. However, a break towards the upper boundary of the channel is likely to produce a huge green candle to the upside, which could push Bitcoin Cash towards the resistance levels of $650, $670, and $690.

Bitcoin Cash Price Prediction: Bitcoin Cash Price Could Rise

Bitcoin Cash price appears to be following a bullish movement. It showed uneven movement with several ups and downs. Meanwhile, BCH/USD was able to maintain a consistent bearish trend with the 9-day moving average remaining below the 21-day moving average. Nonetheless, a precise bullish crossover above the moving average could show more buying signals to the market and the market could soon start showing signs of an upward movement.

Conversely, if there is a downtrend, the market will likely roll below the lower channel limit and fall to the support levels of $230, $210, and $190, setting a new low for the market. Moreover, volume is slowly increasing, which is a sign that a big move is coming soon.

BCH/BTC has consolidated below the moving average.

Regarding Bitcoin, BCH bulls are showing their intention to push the market price above the 9-day and 21-day moving averages. Following recent negative signals, Bitcoin Cash price may fall if sellers put more pressure on the market.

However, if buyers increase the pressure, the 9-day moving average will remain below the 21-day moving average, so the Bitcoin Cash price may touch the resistance level above 10000 SAT, but may decline if it slips below the lower boundary of the channel. Priced at support level below 5000 SAT.

@MarketSpotter is highlighting the interest of Bitcoin Cash ($BCH) traders as they share insights with their 40.6k followers on X (formerly Twitter)! $BCH is close to a potential bounce from the $350 – $360 support area. If Signal Dynamics Pro gives an imminent buy signal (green triangle), #BCH accumulation will begin.

Bitcoin Cash traders, take note! $BCH A bounce is close to the $350 – $360 support level.
Accumulation begins when Signal Dynamics Pro shows an imminent buy signal (green triangle). #BCH. pic.twitter.com/o20JuoVS3o
— Market Spotter (@MarketSpotter) May 2, 2024

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