In this Bitcoin Cash price forecast, the bulls are in control of the short and medium-term outlook. What next can traders expect?
Bitcoin Cash Price Forecast
Bitcoin Cash is in a bullish trend momentum. BCH/USD breakout from the upper price range at $167.50 on Thursday was caused by the strong bullish pressure. The pair climbed to the supply area of $172.99 and created an ascending channel.
Looking at the upper line of the channel, the bears surfaced to pull the price down to the lower line of the channel. On March 28, the cryptocurrency declined to $165.38 as the low of the day.
While the overall outlook is bullish in the medium-term for the price to rise to the upper line of the channel, a minor correction to the lower line of the channel may occur for a complete cycle before expecting the bulls to gain full control.
Meanwhile, the price of BCH/USD is above the two Exponential Moving Averages (EMAs) that are fanned apart. This is an indication of strength in the trend and in this case, the uptrend.
BCH/USD Short-term Price Prediction
In the short-term outlook, Bitcoin Cash is in a bullish trend. This uptrend was, however, lost shortly after yesterday’s opening at the $168.28 level. BCH/USD made a low at $165.38 in the demand area before the bulls stage. The pair then climbed to the supply area of $170.53 shortly after today’s opening.
At the moment, the price is above the two EMAs as brief pullback may occur to set the stage for another price rally.
We can expect the supply area of $178.00 to be retested as the bullish momentum increased in the short-term.
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800