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Bitcoin Cash Price Prediction: BCH/USD Descends to $312 as the Price Recovery

BCH Price Prediction – February 29

Bitcoin Cash remains lagging behind as the technical indicator suggests that lateral trading may prevail in the short term.

BCH/USD Market

Key Levels:

Resistance levels: $380, $400, $420

Support levels: $240, $220, $200

BCHUSD – Daily Chart

Since the start of this week, most of the major coins in the crypto market have been losing for some time now. Similarly, the BCH/USD price is crashing down even harder as it currently trades at $312.04. Looking at the daily chart, the price trend of the BCH coin is having more inversely trading red candles leading to loss-making investments.

Meanwhile, analyzing the daily movement of BCH/USD for the past 10 days, we see that the coin has started the month by trading at $376.58, after which it recorded several highs constantly. BCH/USD was unable to hold the volatility; the downtrend led the coin to touch $299.32 support level

However, BCH/USD is changing hands at $312.04, if the market price drops further, the coin could slump to the support levels of $240, $230 and $220, bringing the price to a new monthly low. Meanwhile, a strong buying pressure may push the price above the 9-day MA and to the resistance level of $360. While trading at $370, a bullish continuation is likely to touch the $380, $400 and $420 resistance levels

The RSI of the coin is at 34.75-level and could move in sideways before deciding on the next direction.

Against BTC, BCH performance has been very low due to a recurring bearish sentiment which has caused the market to fall drastically. As the price falls, sellers are posing an additional threat for buyers to reach the support level of 0.0348 BTC where the nearest target is located. However, an eventual break below the lower boundary of the channel may cause the coin to collapse more.

BCHBTC – Daily Chart

However, for a positive upsurge, the 0.0400 BTC and 0.04200 BTC are the major resistance levels for the coin for now. Therefore, a negative spike could retest the important support at the 0.0320 BTC and 0.0300 BTC before a possible slip to 0.0280 BTC. The trading volume is fading away while the RSI (14) follows a sideways movement.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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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.