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Bitcoin Cash Price Prediction: BCH/USD Moves to Reclaim $425 Resistance Level; Price Ready for Higher Ground?

BCH Price Prediction – January 5

Bitcoin Cash shows an amazing intraday hike as it rises from today’s low of $389 to touch the daily high at $426.

BCH/USD Market

Key Levels:

Resistance levels: $470, $490, $510

Support levels: $350, $330, $310

BCHUSD – Daily Chart

BCH/USD is currently trading above the 9-day and 21-day moving averages. The coin is hovering at $413 after touching the daily high at $426.14. The Bitcoin Cash is expected to break above the upper boundary of the channel to touch the resistance level of $450. However, the coin gains 2.01% within 24 hours as it is using $380 support as a jumping-off ground to develop the upside momentum, which is now gaining traction.

What to Expect from Bitcoin Cash (BCH)

On the upside, if BCH/USD continue to move above the 9-day and 21-day moving averages, the market price may likely break into another resistance at $460. Meanwhile, the technical indicator may show that the bulls are ready for action especially if the RSI (14) crosses above the 70-level. Any further bullish movement may pave the way to the resistance levels of $470, $490, and 510.

In other words, should in case the market price falls below the moving averages, BCH/USD may be compelled either to a range-bound or begin a downward movement. This could serve as a major blow for the market sentiments as traders may interpret it as a sign of underlying weakness. The next available support may come at $370, which could be followed by $350, $330, and $310 support levels.

When compares with Bitcoin, BCH is still following the downtrend as the sellers are gaining the market under the 9-day and 21-day moving averages falling towards the lower boundary of the channel while the technical indicator RSI (14) is attempting to cross below the 40-level.

BCHBTC – Daily Chart

However, if the bears succeeded in breaking below the channel, BCH price may likely fall to the support level of 1000 SAT and below. Meanwhile, a rebound could push the price above the moving averages and increase it to the resistance level of 1500 SAT and above.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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