Bitcoin Cash Price Prediction: BCH/USD Consolidates as Selling Pressure Diminishes

Bitcoin Cash (BCH) Price Prediction – December 14

BCH/USD is in a stalemate as the levels of price range are yet to be broken. In the BCH/BTC pair, the coin has a prolong range bound movement.

BCH/USD Market

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

BCH/USD pair is in a range-bound movement. The coin had been fluctuating for the past three months between the levels of $200 and $240. In November, the coin fell to the low of $200 and commenced consolidation above it. The support has been well defended by the bulls as the bears found it hard to breakthrough. On November 24, the coin made an upward correction but was resisted at the $227 price level.

The bears brought the price to its previous low at $200. Nevertheless, BCH has been consolidating above $200 support level. Bitcoin Cash is in a stalemate as the price range of $200 and $240 has remained unbroken. Meanwhile, the Relative Strength Index period 14 level 39 indicates that the coin is in a range-bound movement.

In the BCH/BTC chart, the coin had been in a range-bound movement since July. In April, the coin was in a bull market and the price made an upward move  to break the resistance at Ƀ0.06000 twice but was resisted. In the two attempts, the price action formed a bearish pattern which led to the bear market.

This subsequently led the coin to fall to the low of Ƀ0.02500. The coin is currently fluctuating between the levels of Ƀ0.02500 and Ƀ0.03500. Meanwhile, BCH/BTC is now trading above the 40% range of the daily stochastic. This implies that the market is in a bullish momentum.

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