- Bitcoin cash price prediction is likely to remain bearish below the $547 support level.
- Bitcoin cash is trading with a slight bearish bias at the $527 level during the US session, losing -2.79% so far.
- Forex trading participants may look for a sell trade below the $560 level to reach the target of $519 and $469.
Bitcoin cash is trading with a slight bearish bias at the $527 level during the US session, losing -2.79% so far. The BCH/USD appeared to have eased off the gas pedal after a strong start in September. The price progressively dropped after setting a local top above $800 on September 7 and 20, caught between two corrective phases. Bitcoin Cash price prediction is likely to remain bearish below the $547 support level.
Furthermore, BCH’s recent drop to the 38.2 percent Fibonacci level revealed market flaws that could reach back to the July lows. Furthermore, the BCH bulls faced a steep mountain with climbing, especially with sentiment predicted to be sour due to a recent death cross. BCH was trading at $549.2 at the time of this article’s writing, down 4.8 percent in 24 hours.
After a nearly 16 percent drop from the 50 percent Fibonacci level, BCH reached the critical 38.2 percent Fibonacci level.BCH experienced a 31 percent sell-off after piercing below the aforementioned level on the back of a descending triangle in late June. To deter short-sellers, BCH would have to stay above $540.
Specific market considerations, however, cannot be ignored. For example, BCH’s indicators fell below their equilibrium points for the first time in nearly two months, while a negative crossover between the 20-SMA (red) and the 200-SMA (green) added to the uncertainty.
Stronger Dollar Continues to Put Pressure on BCH/USD
The dollar slipped slightly from a near one-month high on Tuesday, as global markets recovered from a risk-off attitude dominated by Evergrande’s solvency uncertainty. That’s because investors awaited the outcome of the Federal Reserve’s two-day policy meeting.
The dollar lifted around the unchanged mark on the day after reaching its highest level since August 23 on Monday, briefly rising higher as recent gains on Wall Street’s major equity indexes receded.
Bitcoin Cash Price Prediction –Daily Technical Levels
Pivot Point: 547
Bitcoin Cash Price Prediction – 50 EMA Extending Resistance at $560
The Bitcoin cash price prediction is likely to remain bearish below the 550 resistance level. On the 4-hourly chart, the BCH/USD pair faces trouble disrupting and crossing below the support level of $519 level.
On the bearish side, the pair is likely to gain immediate support around $519 levels. At the same time, the violation of the $519 level is likely to trigger further selling until the next support level of $469.
In the 4-hours timeframe, the 50-period exponential moving average is providing resistance at the $580 level. Since Bitcoin cash is closing below the $580 resistance level, the chances of a bearish correction remain higher today.
On the flip side, the leading technical indicator, stochastic RSI, is holding in the selling zone. It means that the chances of a selling trend remain stronger today.
The forex trading participants may look for a sell trade below the $560 level to reach the target of $519 and $469. Alternatively, selling can be seen below the $500 level with a target of $469 and $410. All the best.
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