May 12, 2021

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BTC Cash price prediction: BCH faces resistance at $1,000, can the bulls breakthrough?

3 min read

TL;DR Breakdown

  • BTC Cash price expected to rise to $1,050 mark before breaking above to $1,100
  • The closest support level lies at $950
  • BCH faces resistance at the $1,050 mark.

BTC Cash price has broken above the $900 mark, and strong bullish momentum has carried the price to challenge the $1009 mark. BCH price records an over 19 percent price hike across the last seven days showing strong bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement.

The broader cryptocurrency market observes a bearish sentiment across the last 24 hours, with most major cryptocurrencies recording a loss across the timeframe. Major currencies that recorded a loss include Ripple’s XRP and DOT that record a 7.26 and a 2.64 percent increase, respectively. Meanwhile, some currencies like ETH, BNB, and DOGE recorded a profit in the same timeframe.

Technical indicators for BCH/USDT

Technical indicators for BCH/USDT by Tradingview

Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the BTC Cash price oscillates around the 16.00 mark. While the 26-EMA still trades above the 12-EMA, the difference between the two is negligible, and they may show a bullish reversal at any time.

The RSI is currently trading in the neutral zone a little above the 56.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past three days and has been steadily going towards the oversold region. However, since 12 am today, the RSI is continuously moving upwards towards the overbought region suggesting the buyers are fighting back.

The Bollinger bands are currently narrow but will expand rapidly in the future as the bulls take charge of the market momentum. The bands’ expansion suggests an increase in volatility for the BTC cash price in the short term. Moreover, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a strong buy signal with 17 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only one indicator issues a sell signal suggesting a bearish retracement. Meanwhile, eight indicators sit on the fence, issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 15 of the 26 indicators suggesting a bullish movement against only two indicators suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.

What to expect from BTC Cash price?

BTC Cash price prediction: BCH faces resistance at $1,000, can the bulls breakthrough?
4-hour price chart by Tradingview

Traders should expect the BTC Cash price to continue upwards as BCH recovers to the $1,100 mark. The short-term technical indicators suggest a bullish crossover, while the mid-term technical indicators support an upwards movement suggesting buyer pressure at the level. As such, the BTC Cash price can be expected to rise to the $1,050 mark before rising above.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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