After the massive correction in early February, Bitcoin cash price is attempting to crawl back. BCH/USDT is now trading near the $516 mark. Rakuten announced that it would start accepting BCH as a payment method last week which is a major boost for BCH price recently.
Bitcoin Cash Price Forecast
The technical indicators for the near future are somewhat contradictory, which means that further increase and the continuation of the correction are not excluded. It should be noted that here, too, the signals of the indicators and the price chart itself are quite strongly correlated with the Bitcoin chart.
On the daily price chart, thanks to the price rising last week, the MACD indicator histogram began to head to the positive zone. And although the transition to the positive zone has not yet happened, it is quite possible that this will happen in the coming days. The signal line of the RSI indicator also turned to the north after reaching the 40 mark and is currently located near the neutral zone.
On the weekly chart, the situation is somewhat different, here the MACD histogram is moving in the opposite direction, indicating that the correction is likely to continue, but a bearish divergence has formed between the signal line of the RSI indicator and the price chart, which is also an additional signal in favor of a decline.
It is also possible that the recent correction may turn into a sideways trend.
Resistance: $550, $580, $620
Support: $500, $460, $420