Bitcoin Cash Price Analysis & Prediction (July 14)
Current Status:
Recent Gain: Bitcoin Cash (BCH) has gained nearly 25% over the past week.
Current Price: After reaching $389 earlier today, BCH is approaching a critical resistance level at $400.
Recent Gain: Bitcoin Cash (BCH) has gained nearly 25% over the past week.
Current Price: After reaching $389 earlier today, BCH is approaching a critical resistance level at $400.
Price Movement:
Previous Trend: BCH was bearish earlier this month, breaking down from a two-week consolidation phase and dipping below $300.
Support Level: Found support at $288.4, then rebounded sharply.
Current Movement: The price surged back to the consolidation area and is now targeting the $400 resistance.
Key Levels to Watch:
Resistance: $400 is a critical resistance level. A successful surge past this could confirm a short-term bullish trend.
Support: Should the resistance fail, the price might draw back slightly before resuming an upward movement.
Indicators:
Demand Level: Increased demand has led to the recent surge, indicating capital inflow.
Volume Indicator: Despite the price increase, the volume remains flat on the daily chart, suggesting caution.
Monthly Outlook: The trend is still considered bearish.
Prediction:
Bullish Scenario: If BCH breaks through the $400 resistance, it could lead to a significant upward movement and confirm a short-term buy.
Bearish Scenario: Failure to surpass $400 might result in a temporary drawdown, with potential for another breakdown if liquidity over the previous low is activated.
Bitcoin Cash is nearing a critical resistance at $400 after a strong recovery. Breaking through this level could indicate a short-term bullish trend, while failure to do so might result in a minor pullback before resuming its upward trajectory. The overall monthly trend remains bearish, and caution is advised due to flat volume indicators.
Once BCH manages to reclaim the mentioned critical resistance, the next buying target would be $448 and $490 before testing the $530 level – which served as a key resistance level for a major rally.
In the opposite direction, the $344 and $288.4 levels are major supports to consider for a drawback. $250 is the next level to watch if the price plummets.
Key Resistance Levels: $400, $448, $490
Key Support Levels: $344, $288.4, $250
Spot Price: $383.7
Trend: Bullish
Volatility: Moderate
In the opposite direction, the $344 and $288.4 levels are major supports to consider for a drawback. $250 is the next level to watch if the price plummets.
Key Resistance Levels: $400, $448, $490
Key Support Levels: $344, $288.4, $250
Spot Price: $383.7
Trend: Bullish
Volatility: Moderate
Disclosure: This is not trading or investment advice.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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