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Bitcoin Cash Price Prediction: BCH/USD Drops Below $450 Level

Published: Tuesday, 28th December, 2021 - 17:10

Bitcoin Cash Price Prediction – December 28

Presently, the Bitcoin Cash prediction shows that BCH is falling towards the moving averages as the bears may take over the market movement.

BCH/USD Market

Key Levels:

Resistance levels: $520, $540, $560

Support levels: $400, $380, $360

Bitcoin Cash Price Prediction

BCHUSD – Daily Chart

BCH/USD is looking to slow down and may settle around the $440 support level. However, the market price breaks down today, touching its lowest daily level at $446 support. However, the current performance of the Bitcoin Cash is below the normal expectations as the coin is expected to recover from this downtrend soon.

Bitcoin Cash Price Prediction: Bitcoin Cash May Consolidate below $400

If the Bitcoin Cash price fails to keep the price above the 9-day and 21-day moving averages, there is a risk for a fresh bearish wave. However, if the coin drops below the moving averages, the initial support may be towards the lower boundary of the channel at $420 level where the market price could restart the bullish movement.

At the time of writing, as the technical indicator Relative Strength Index (14) reveals the possible downtrend, any bearish crossing below 40-level could lead to the critical supports at $400, $380, and $360. Nevertheless, a high swing above the upper boundary of the channel could take the bulls to a key resistance level of $500. If this possible, the coin may trigger a bullish rally which could take the market price to $520, $540, and $560 resistance levels.

When compares with Bitcoin, the daily chart reveals that the sellers continue to show some commitment to the market movement as the red-line of the 9-day moving average is still below the green-line of the 21-day moving average. However, following the recent sideways movement, the trend may likely go down if the bears step back and drag the coin below the lower boundary of the channel.

BCHBTC – Daily Chart

However, as the technical indicator Relative Strength Index (14) stays above 40-level, therefore, if the buyers failed to push the coin above the resistance level of 920 SAT, the market price may focus on the downtrend and crossing below the lower boundary of the channel may take it to the nearest support at 850 SAT and below but a rebound could keep it above the moving averages, moving towards the upper boundary of the channel could locate the resistance at 1000 SAT and above.

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This post first appeared on: Inside Bitcoins

Author: Azeez Mustapha
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