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Bitcoin Cash Price Prediction: BCH/USD Breaks Down Amidst Price Rejection

Bitcoin Cash (BCH) Price Prediction – March 28
BCH/USD pair has been on a downward move from its peak price of $480. On March 12, in the last bearish impulse, BCH fell to a low of $141 and resumed an upward move. In the BCH/BTC pair, the coin is in a bear market. The pair was in a downward move to the low of Ƀ0.03000 and an upward move was made by the bulls

BCH/USD Market

Key Levels:
Resistance Levels: $280, $320, $340
Support Levels: $200, $160, $120

BCH/USD – Daily Chart

After the bearish impulse, BCH reached a low of $141. At the low of $141, BCH was oversold and the bulls emerged to push the coin upward. The market reached the resistance line of the descending channel. The bulls could not breach the resistance line of the channel. BCH faces another selling pressure. The downward move may reach a low of $160 or $140. On the upside, if the bulls have succeeded in breaking the resistance line, BCH would rise and have a change in trend. BCH is below 80% range of the daily stochastic but the stochastic bands are making a U-turn indicating a bearish momentum.

In the BCH/BTC chart, the pair reached the high of Ƀ0.04659 in an uptrend. At the recent high of Ƀ0.04659, the bulls were resisted and the coin resumed a downward move.

BCH/BTC – Daily Chart

The pair made a sharp drop to a low of Ƀ0.03000 and the bulls pulled back to resume another upward move. This upward move reached the resistance line at Ƀ0.03500. The bulls could not break the resistance line of the channel; as the coin faces another selling pressure. Presently, the market has dropped to a low of Ƀ0.03336. In the meantime, the pair is at level 43 of the Relative Strength Index. This indicates that the coin is the downtrend zone and below the centerline 50.

 

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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.