Bitcoin Cash Price Prediction – January 12
The Bitcoin Cash price prediction shows that BCH is now facing the 9-day moving average as the coin gets ready for the upside.
Resistance levels: $420, $440, $460
Support levels: $320, $300, $280
BCH/USD is seen moving towards the resistance level of $380. Since the past few days, the market remains below the 9-day and 21-day moving averages. However, after the coin touched the monthly low of $348 a couple of days ago, the Bitcoin Cash is now rebounding towards the moving averages. At the time of writing, Bitcoin Cash is starting a new bullish movement and trading at $377.04 within the channel.
Bitcoin Cash Price Prediction: Would BCH Price Going Break to the Upside?
As the Bitcoin Cash price continues to hover around the resistance level of $377.04, peradventure the market nosedive below the opening price of $369, the BCH price may likely slump to the initial support at $340, which may later bring the price to the critical supports at $320, $300, and $280. Presently, the Relative Strength Index (14) is recovering from the oversold region, the signal line may likely cross above 40-level and this could increase the buying pressure for the coin to cross above the 9-day moving average to reach $400 resistance.
However, trading at $400, a bullish continuation could touch the resistance levels of $420, $440, and $460. In other words, over the past few weeks, the Bitcoin Cash price continue to follow the bearish movement. But, if Bitcoin Cash returns to previous support and rallies, the bears could take over the market. Therefore, if the coin successfully crosses above the upper boundary of the channel, traders can always wait for a bullish chase before another reversal occurs.
Against Bitcoin, the daily chart shows that the bulls are likely to return into the market. Hence, if they could follow the positive signal that begins today; the coin may continue to rise if buyers can keep up with the pressure. However, if the bulls manage to break above the 9-day and 21-day moving averages, the market price could hit the resistance level of 950 SAT and above.
Meanwhile, the 9-day MA is likely to cross below the 21-day MA, a retest could allow the coin to go below the lower boundary of the channel and lower the price to the support of 800 SAT and below as the Relative Strength Index (14) remains below 40-level.
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This post first appeared on: Inside Bitcoins