Bitcoin Cash Price Prediction – November 21
The Bitcoin Cash price is seen sliding below $600 level as the coin may likely reclaim back the losses if the bulls step back.
Resistance levels: $650, $700, $750
Support levels: $500, $450, $400
BCH/USD is currently moving downward as the bears dominate the entire crypto market. At the time of writing, BCH/USD is hovering below the 9-day and 21-day moving averages as the trend has a bearish inclination with the red-line of the 9-day MA crossing below the green-line of the 21-day MA. More so, the technical indicator has remained bearish as the Relative Strength Index (14) stays at the downside.
Bitcoin Cash Price Prediction: BCH Price May Remain at the Downside
As the daily chart reveals, the Bitcoin Cash price is facing the south but the best bulls can do is to defend the support at $550 and focus on pushing the coin towards $600. However, BCH/USD is making an effort to push the price back above the moving averages and it is also looking forward to reclaiming the ground past $585 which happens to be the daily high today.
Moreover, if there is an increase in buying pressure, the BCH price may break above the 9-day and 21-day moving averages to reach the resistance level of $600. While trading at that level, a bullish continuation could reach the potential resistance levels of $650, $700, and $750 respectively.
In other words, if the coin decides to remain on the negative side, a minimum swing may likely bring the price to a $550 support level. Exceeding this level could take the bears to $500, $450, and $400 support levels by crossing below the lower boundary of the channel.
When compares with Bitcoin, bears keep pushing the price below the 9-day ana 21-day moving averages. According to the recent negative sign, the trend may continue to follow the downtrend as much as the buyers failed to push the price above the upper boundary of the channel.
However, as the technical indicator Relative Strength Index (14) remains below the 50-level, any further downtrend could lower the price to the support level of 900 SAT and below, but once it moves out of this zone, the market price may likely begin an upward trend to push the coin above the upper boundary of the channel to reach the resistance level of 1100 SAT and above.
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This post first appeared on: Inside Bitcoins