Bitcoin Cash Price Prediction: BCH/USD Ranges as the Coin Holds $460 Support

BCH Price Prediction – January 16

For the past few days now, BCH/USD price actions have been consolidating around the 9-day moving average.

BCH/USD Market

Key Levels:

Resistance levels: $600, $650, $700

Support levels: $350, $300, $250

BCHUSD – Daily Chart

BCH/USD is now struggling with the bearish pressure that dominates the entire crypto landscape. A few actions were witnessed to the upside over the past few days. However, the zone between $450 and $550 stayed intact as the key support level. The bulls are keen to ensure that the price stays above the moving averages before today’s dips into the $461 support zone.

Where is BCH Price Going Next?

Despite the fact that the BCH price moved above the 9-day MA yesterday, the coin has not been able to maintain its performance as it begins to recede downwards. At the moment, BCH/USD is moving within the 9-day and 21-day moving averages but the present trend indicates that BCH prices may continue to move sideways as the technical indicator RSI (14) moves below the 60-level.

In addition, if the BCH market drives below the lower boundary of the channel, the market price could slump to the supports at $350, $300, and $250, bringing the price to a new monthly low as the technical indicator moves in the same direction. Meanwhile, if the bulls can push the coin above the 9-day MA, a very strong buying pressure may likely take the price to $550 resistance. While trading at this level, a bullish continuation could touch the resistance levels at $600, $650, and $700 respectively.

When compares with BTC, the BCH price continues to follow a sideways movement trading below the 9-day moving average. BCH/BTC may likely go below this range if the sellers keep on pumping more pressure into the market.

BCHBTC – Daily Chart

However, the market price may likely resume an upward trend if the bulls push the market price above the 9-day and 21-day moving averages to hit the resistance level of 1600 SAT and above. More so, as the RSI (14) moves below 51-level, a retest could lower the price of the coin to the supports of the 1100 SAT and below.

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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.