BCH/USD Drops to $300 Support
https://ift.tt/LBt0vnC
Bitcoin Cash Price Prediction – February 20
The Bitcoin Cash price falls below the 9-day and 21-day moving averages as the selling pressure may come heavy in the market.
BCH/USD Market
Key Levels:
Resistance levels: $420, $440, $460
Support levels: $200, $180, $160
BCH/USD is slowing down and may settle below the support level of $280. However, the market price breaks down today, touching its lowest daily level at $296. In addition, the current performance of the Bitcoin Cash is below the normal expectations as the coin may continue to follow the downtrend.
Bitcoin Cash Price Prediction: Bitcoin Cash (BCH) Ready for More Downtrends
If the Bitcoin Cash price fails to keep the price above the 9-day and 21-day moving averages, there is a risk for a fresh bearish wave. However, if the coin drops more and moves toward the lower boundary of the channel, the initial support may be located below at $280 level where the market price could restart its decline.
As the technical indicator Relative Strength Index (14) reveals the possible downtrend, any bearish crossing below 40-level could lead to the critical supports at $200, $180, and $160. Nevertheless, a high swing above the upper boundary of the channel could take the bulls to a key resistance level of $350. If this comes to focus, the coin may trigger a bullish rally which could take the market price to $420, $440, and $460 resistance levels.
When compares with Bitcoin, the daily chart reveals that the buyers continue to show some commitment to the market movement. However, following the recent positive signs, the trend may continue to go up if the bulls keep on putting more pressure on the market.
However, as the technical indicator Relative Strength Index (14) moves to cross above 50-level, if the buyers failed to push the coin to the upside, the market price may focus on the downtrend, and crossing below the moving averages may take it to the support at 650 SAT and below, but a continuous bullish movement could take the price towards the upper boundary of the channel, crossing above it may locate the resistance at 900 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
Read more:
Cryptocurrency
