Bitcoin Cash Price Prediction – December 21
The Bitcoin Cash price prediction is seen hovering between the bull and the bear as the price fluctuates within the channel.
Resistance levels: $500, $550, $600
Support levels: $350, $300, $250
Looking at the daily chart, BCH/USD could no longer defend the support level of $400 again as the price hovers around $433. The coin has been trading below the 9-day and 21-day moving averages indicating a sideways movement. For the time being, the market price is moving around the lower boundary of the channel as the technical indicator is seen moving in the same direction.
Bitcoin Cash Price Prediction: Would BCH Price Move Higher?
Taking a look at the market, the Bitcoin Cash price is yet to show strong bull dominance in the long-term. But the short-term outlook looks bearishly strong. However, a bullish interception may set the next key resistance at $500, $550, and $600, crossing above the moving averages. Nevertheless, traders can expect a little rise before the rally begins.
Following the on-going movement, BCH/USD has recently plunged to $417 before a small rise to where it’s currently changing hands at $433. A further bearish movement is likely at the support levels of $350, $300 with a possible new monthly low at $250. As we can see on the daily price chart, BCH volume has been drastically low over the past days, which shows that the bears are gaining moment.
With Bitcoin comparisons, the market has evolved for a while in a very different way. But currently, the sellers are gaining the market as they are moving under the 9-day and 21-day moving averages around the lower boundary of the channel while the technical indicator Relative Strength Index (14) crosses below 40-level.
However, the downtrend is seen giving the sellers the confidence to increase their entries. More so, if the bears succeeded in breaking below the lower boundary of the channel, one would expect the market to fall to the support level of 830 SAT and below. Meanwhile, a rebound could increase it to the resistance level of 980 SAT and above.
Looking to buy or trade Bitcoin Cash (BCH) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider