Bitcoin Cash (BCH) Approaches Key Support Levels; Declines by More Than 9%

  • 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.

Bitcoin Cash (BCH) Approaches Key Support Levels; Declines by More Than 9%

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, BCH to USD price is trading at $245.35 at 05:44:04 UTC today.

Bitcoin Cash Price
BCH Chart By TradingView

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.

According to the Bitcoin Cash forecast, the BCH price trades under selling pressure and gives no signs for recovery. However, as per the recent price improvement, it could trades below $250. 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.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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