Price Analysis

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.

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.

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.

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.

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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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