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Bitcoin Cash Price Prediction: BCH/USD May Settle for Consolidation as Breakdown to $500 Looms

BCH Price Analysis – March 15

The Bitcoin Cash could extend the breakdown back below the $500 support if the price fails to hold within the ascending parallel channel.

BCH/USD Market

Key Levels:

Resistance levels: $640, $660, $680

Support levels: $440, $420, $400

BCHUSD – Daily Chart

BCH/USD is currently showing an uneven movement with a tremendous fall more than rising today as the coin has not been able to maintain a consistent bullish run since yesterday. However, for the past few days, the market has been forming a pattern where the day begins with either having an uptrend or downtrend, but towards the end, it reverses.

What to Expect from Bitcoin Cash (BCH)

The Bitcoin Cash price may continue to consolidate itself in a flag formation, waiting for a cross below the 21-day moving average. More so, the daily breakdown reveals that BCH/USD before touching $567.91, dropped to $514.68 at the opening of the market today after which it corrected itself to where it is trading currently at $527.97 level. If the support gets weak, a price break-down may occur as the bears may find new weekly lows at $440, $420, and $400 support levels.

On the other hand, a bullish movement may likely roll the market back to $630 resistance and could move towards the $640, $660, and $680 resistance levels, establishing a new weekly high for the market. For now, the RSI (14) indicator is moving below the 50-level. Meanwhile, a bullish cross above 60-level might return bulls back to the market.

Against Bitcoin, Bitcoin Cash continues to perform very low due to a recurring bearish sentiment which is causing the market to fall drastically. However, as the price falls, sellers are seen posing an additional threat for buyers. Meanwhile, any eventual break below the lower side of the descending channel may cause the coin to collapse.

BCHBTC – Daily Chart

However, for a positive upsurge, the 0.011 BTC and above are the major resistance levels for the coin for now but a bearish continuation could test the important support at the 0.008 BTC and below. More so, the trading volume is fading away as the RSI (14) moves below 35-level, keeping the price at the negative side.

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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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