BCH Price Prediction – July 7
The Bitcoin Cash (BCH) retreats to test $235 support ahead of the breakout to $250.
Resistance levels: $260, $280, $320
Support levels: $220, $200, $180
Despite maintaining a bullish movement for the past few days, it looks like BCH/USD is looking to slow down and settle around the $230 level. The market is breaking down towards the 9-day and 21-day moving averages, touching its lowest daily level at $235.77. The current performance of the coin in the market is below the normal expectations of traders and the coin may soon recover from this downtrend.
BCH/USD is currently trading at $237.49; the daily chart shows that the coin is trading above the moving averages within the channel. As at the time of writing, the market price could not cross above the upper boundary of the channel before issuing a sell signal as the RSI (14) moves below the 58-level.
However, a minimum swing below the moving averages may likely bring the coin to a $225 support level. Exceeding this level could take the bears to $220, $200, and $180 levels. In other words, a high swing may likely take the bulls to a key resistance level of $250. Above this, the coin can possibly trigger a bullish rally which may take the price to $260, $280, and $300 resistance levels.
When compares against Bitcoin, the sideways movement on the daily chart is due to the price stability in Bitcoin Cash trading, which shows that the resistance-support is at equilibrium. One other thing to note is that the market is preparing to change the trend and a short-term bearish breakout may likely play out because the technical indicator RSI (14) moves below the 60-level and this could find the nearest support level at 0.024 BTC and below.
Moreover, if the buyers can hold the support of 0.0255 BTC, the market price may likely resume an upward movement above the upper boundary of the channel, while pushing further may take the coin to the resistance level of 0.0275 BTC and 0.0280 BTC.