Bitcoin Cash Price Prediction – December 4
The Bitcoin Cash price prediction shows BCH plunging below the support of $480 as the coin ready for more downtrends.
Resistance levels: $580, $600, $620
Support levels: $300, $280, $260
BCH/USD is currently following a downtrend as the bears dominates the entire crypto market. At the time of writing, BCH/USD is hovering around the lower boundary of the channel after crossing below this channel during the European session today as the trend has a bearish inclination touching the support at $475. However, the technical indicator has remained bearish as the Relative Strength Index (14) aims to cross into the oversold region.
Bitcoin Cash Price Prediction: BCH Price Likely to Dig Dip
Looking at the daily chart, the Bitcoin Cash price is currently facing the downtrend while the bulls are making an attempt to defend the support level of $475 and focus on pulling towards the $500 level. However, BCH/USD is making an effort to push the price back above the lower boundary of the channel and it is also looking forward to reclaiming the ground past $530.
Meanwhile, if there is an increase in buying pressure, the price is likely to break above the 9-day and 21-day moving averages to reach the nearest resistance at $550. While trading at that level, a bullish continuation could reach the resistance levels of $580, $600, and $620 respectively. On the contrary, if the coin continues with the bearish movement, it may likely hit the supports at $300, $280, and $260 levels.
By comparing it with Bitcoin, the bears are seen keeping the price under the 9-day and 21-day moving averages. Meanwhile, according to the recent negative signs, the trend may continue to follow the downtrend in as much as the buyers failed to bring the price back above the upper boundary of the channel.
However, as the technical indicator Relative Strength Index (14) prepares to slide below 40-level, any further downtrend could lower the price to the support level of 850 SAT and below, but once it moves out of this zone, the market price may likely begin an upward trend to push the coin towards the resistance level of 1100 SAT and above.
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This post first appeared on: Inside Bitcoins