Bitcoin Cash Price Prediction – May 11
The BCH/USD market breaks through some resistances to briefly touch past a peak level of $1,600 initially. But, now, price is trading at a 10.83% increase of around the level of $1,465 in a convergence trading manner.
Resistance levels: $1,600, $1,600, $2,000
Support levels: $1,100, $1,000, $900
BCH/USD – Daily Chart
It has depicted on the BCH/USD daily chart that the crypto’s market worth hiked to an all-new higher trading point of around $1,600 level on May 6th day’s session. In the meantime, price has continued to converge around the key level of $1,400. The 14-day SMA trend-line and the bullish trend-line are closely drawn over the 50-day SMA indicator. And, they all point towards the north. The Stochastic Oscillators have somewhat slantingly crossed from range 80 to find a place close to range 40 in an attempt to probably cross back to the north. That signals that the return of a bullish uptrend is in the offing.
Bitcoin Cash price prediction: Where next for BCH/USD?
The May 5 candlestick that emerged long-bullish has, without doubt, nudge the BCH/USD uptrend motions into entering other higher trading zone above the support level of $1,000. Currently, the best support line for bulls to take off in a continuation of their journey to the north is located at a $1,200 level. Meanwhile, the immediate resistance level of $1,600 may remain a zone around where the crypto’s increasing value will have to witness pit stops in a bid of the market to push further higher for profits.
On the contrary to the uptrend sentiment, there may be a set of barriers already built around the $1,600 resistance trading point that bears will have to take advantage of especially, while price reaches to succumb to a rejection. However, a violent breakout will have that assumption nullified in no time. Therefore, traders need to exercise some precautionary trading techniques before placing an entry against an established market trend.
BCH/BTC Price Analysis
On the scale of comparative trading pace, the chart shows that the counter instrument has outpaced by the base crypto in the market. As of writing, Indicators have more supports for seeing ups than downs. That said, BCH, may have to relax its pushes efforts a bit before picking up after a time. The 14-day SMA trend-line is over the 50-day SMA indicator. The Stochastic Oscillators are attempting to cross back northwardly from a low region a bit below range 40. That signifies the probability that the counter instrument will most likely still be overwhelmed in the crypto-market space.
Looking to buy or trade Bitcoin Cash (BCH) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider