- BCH coin formed a support level at $243 yesterday; currently heading towards the same
- Bitcoin Cash trades well below $250, which was above $265 two days ago
- Technical indicators are yet to step into the bullish zone
- BCH trades under selling pressure; gives no signs of recovery
Cryptocurrencies are going through a rough patch, and Bitcoin Cash is no exception; it is also going through a major price slump for quite some time. The coin broke below $250 yesterday, wherein the coin was steadily above $260 till yesterday morning.
Bitcoin Cash Price Prediction
Bitcoin Cash started trading with its opening price at $265.39 on November 17. The coin maintained its mild bullish sentiment except for a bearish close at $261.06. After clearing the price barrier at $268, it went as high as $269.31.
From here, the BCH coin initiated a pullback as it faced a rejection there. After remaining above $262 till 14:15 UTC yesterday, the coin sharply tumbled and tested support at $243.68. After a few corrections, Bitcoin Cash price is trading at $245.35 at 05:44:04 UTC today.
Bollinger Bands in the chart show a squeeze, which indicates a lowly volatile phase. Meanwhile, SMA lines are painting a bearish picture as the long-term SMA line is well above the short-term SMA line. MACD chart is heading for the bullish zone with the MACD line on the upside, and RSI is at 43, showing a stable momentum.
Bitcoin Cash is likely to see resistance at $264.54, $278.91, and $288.01 if the coin manages to break out of the extremely bearish trend. Also, the BCH coin may find support levels at $241.07, $231.97, and $217.6.