BITCOIN CASH PRICE ANALYSIS & PREDICTION (Sept 19) BCH Shows Signs Of Strength following A 12% Gain But the Structure Remains Bearish
Since Augusts recovery, Bitcoin Cash BCH found it difficult to break lower as it reestablished support with a slight bounce. It appeared strong on the day following a 15% surge since the start of the week.
Last months trading marked the end of a major correction for BCH as it dipped to exactly $272.7, reaching an extremely oversold condition.
Things became ugly again and the price rolled back to the bottom earlier this month after undergoing a three-week recovery. The bulls defended the July low well and the price bounced to a high of $344 last week.
It pulled back from that high and resurged above $300 this week. The price looks highly strong on the day while it is still in a downward range from a mid-term perspective. The landscape could change anytime soon as bearish sentiment slowly fades off.
Due to enhanced volatility, the price just flipped through last weeks high and is now charging towards a monthly resistance level of $370. A strong weekly close above this resistance should propel buying in the coming weeks. This may lead to a reversal if the bulls take advantage.
On the other hand, the bears are nowhere to be found in the latest surge. If they show up again, the $320 level is likely to produce a rebound.
BCHs Key Levels To Watch
A surge through last weeks resistance could take us to the $410 level a hidden resistance before rallying to the $459 resistance level, where a key breakout is expected to occur. Above it lies $500 and $530.
BCHs trend is still technically bearish in the mid-term. A dip below the weekly $307 support level could bring a retest at $288 and $272.
Key Resistance Levels: $370, $410, $459
Key Support Levels: $307, $288, $272
Spot Price: $348
Trend: Bullish
Volatility: High
Text source: NullTX
