BCH/USD Likely to Hit $300 Support
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Bitcoin Cash Price Prediction – February 6
The Bitcoin Cash price prediction shows that BCH may cross below the moving averages as the coin may settle in consolidation.
BCH/USD Market
Key Levels:
Resistance levels: $400, $420, $440
Support levels: $230, $210, $190
At the time of writing, BCH/USD is pushing for consolidation around $318 as the coin may head below the 9-day and 21-day moving averages. However, the technical indicator may return into the bearish scenario as the Relative Strength Index (14) could not cross ab0ve 50-level which reflects the influence of the sellers over the price.
Bitcoin Cash Price Prediction: BCH Price May Consolidate below the Moving Averages
As the daily chart reveals, the Bitcoin Cash price touches the resistance level of $328 but the sharp drop is affecting the buyers from an attempted recovery above the upper boundary of the channel. Now, BCH/USD is likely to cross below the moving averages to touch the nearest support level of $260.
Presently, the coin is on the negative side, but the buyers are expected to come into the market to correct the current market value with a possible jump above $330. Meanwhile, if there is an increase in buying pressure, the price may break out of the channel to reach the $350 resistance. While trading at that level, a bullish continuation could reach the resistance levels of $400, $420, and $440 respectively.
On the other hand, if the coin drops below the 9-day and 21-day moving averages, a minimum swing below this barrier may bring the market to the support level of $250. Exceeding this level could take the coin to $230, $210, and $190 support levels.
Against Bitcoin, the bears are showing a slight commitment within the market and according to the recent negative sign, the bearish trend may continue in as much as the buyers failed to push the price above the 21-day moving average.
However, the technical indicator Relative Strength index (14) could not cross above 40-level as the signal line nosedives toward the south. Therefore, any bearish movement below the lower boundary of the channel could push the coin to the support level of 760 SAT and below but a bullish cross may push the price to the resistance level of 850 SAT and above.
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