Bitcoin Cash Price Analysis – July 22
At the time of writing, Bitcoin Cash (BCH) is heading to the downside, with prices fluctuating towards the moving averages.
Resistance levels: $200, $210, $220
Support levels: $50, $40, $30
At the time of writing, BCH/USD is in a decline mode as the price may follow a downward movement. Meanwhile, the coin touches the previous support at $119 while a potential pullback may likely take the price up to retest the $125 resistance level above the 9-day moving average.
Bitcoin Cash Price Analysis: Bitcoin Cash Price Not Ready for the North
As the daily chart reveals, if the Bitcoin Cash price crosses below the 9-day and 21-day moving averages, the price may likely drop towards the lower boundary of the channel to face the support levels at $50, $40, and $30. On the upside, the bulls need to push the price above the upper boundary of the channel, and this could reach the resistance levels at $200, $210, and $220.
Meanwhile, the technical indicator, the Relative Strength Index (14) is seen moving below the 60-level. If the signal line crosses below the 50-level, the bears may introduce more bearish signals into the market.
BCH/BTC Market: Bitcoin Cash Price May Remain Sideways
When compared with Bitcoin, BCH is seen trading above 9-day and 21-day moving averages. At the time of writing, the Bitcoin Cash price is preparing for more upward movement as the coin moves to cross above the upper boundary of the channel. Therefore, any effort by the sellers to bring the price to the downside may bring the coin to the support level of 450 SAT and below.
However, if BCH/BTC crosses above the channel, the market is expected to reach the resistance level of 650 SAT and above. Meanwhile, the technical indicator Relative Strength Index (14) confirms that the market faces the upside as the signal line crosses above the 50-level to indicate the bullish movement.