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BCH Price Prediction – December 30
The Bitcoin Cash (BCH) is trading in the red, with losses of 0.43% as reveals by the daily chart.
BCH/USD Market
Key Levels:
Resistance levels: $400, $420, $440
Support levels: $300, $280, $260
BCH/USD is adjusting lower from $366.51 which is the daily high to trade at $350.94. An attempt to pull upwards has been capped under $360 with $366.51 being the intraday high achieved so far. Moreover, the Bitcoin Cash price upside is limited to under $360. The path of the least resistance remains to the north amid selling activities.
Would Bitcoin Cash Go Up or Down?
Bitcoin Cash failed to break above the $380 in order to maintain the upside; the market price has been having a bearish inclination since yesterday. However, it is an uphill task for the coin to sustain the gains above the critical $350 due to the renewed bearish momentum emanating from the rejection of around $366.
However, if the market drives below the $350 support, BCH price may slump to $300, $280, and $260 support levels, bringing the price to a new monthly low as the RSI (14) prepares to cross below the 60-level. Meanwhile, a strong buying pressure may take the price to $380 resistance. While trading at this level, a bullish continuation may likely push the price to hit the resistance levels of $400, $420, and $440.
Against BTC, the Bitcoin Cash market remains within the downside. The sellers are gaining control of the market as they move below the 9-day and 21-day moving averages around the lower boundary of the channel while the RSI (14) prepares to cross below the 40-level, indicating more bearish signals.
Moreover, the bears are putting more pressure on the market to increase their entries and if the bears succeeded in breaking below the channel, one would expect the market to fall to the support level of 0.10 BTC and 0.009 BTC. In other words, a rebound could increase the price to the resistance level of 0.015 BTC and 0.016 BTC respectively.
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