BCH price has dropped since reaching a high of ₿0.048 on February 14. The decline has occurred in several waves. On March 8, the price reached the support area of ₿0.033, which is expected to act as a strong support level for prices in the near term.
Highlights of BCH price
- There is support at ₿0.033.
- There is resistance at ₿0.036.
- Price found support on the 200-day MA.
- There is a slight bullish divergence in the RSI.
Renowned Trader ACXTrades tweeted a BCH chart that shows prices are trading inside an important support area, and said he is preparing to execute a long order of himself.
$ BCH Taking a shot at a long here. pic.twitter.com/jYju5HrFdU
– ◇ .A.C.X. ◇ (@ACXtrades) March 8, 2020
Will this trade succeed or will the BCH price fall below this critical support? Join us through the charts below.
The main support for BCH is found at ₿0.033. The price has confirmed this area with a long lower shadow and is currently trading around the zone of vùng0.034. This area also coincides with the 200-day moving average (MA), making it a good stepping stone for a bounce.
However, the price broke out of the previous trading range of ₿0.036 – ₿0.042. Therefore, the area of ₿0.036 is likely to act as a resistance in the near term.
Daily BCH / BTC chart | Source: TradingView
In the near future, prices may consolidate between support and resistance levels found at .00.033 and ₿0.036. The upper and lower limits can play a decisive role for the next trend. If the price retraces the support zone ₿0.036, it will probably head towards ₿0.042.
On the other hand, if the price breaks below ₿0.033 and the 200-day MA, it will confirm that the bullish move of BCH has ended and a lower level will be expected.
BCH / BTC chart of 12 hours frame | Source: TradingView
BCH price is trading in a major support area found at ₿0.033, which is likely to act as a strong support for the price. As long as the price stays above this zone, its long-term trend is still considered bullish.
You can see the price of BCH here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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