Bitcoin Cash Price Prediction: BCH/USD Drops to $513 Support

Bitcoin Cash Price Prediction – June 20

The Bitcoin Cash free-falls below the 9-day and 21-day moving averages as the broad-based selling activities hit the market.

BCH/USD Market

Key Levels:

Resistance levels: $900, $950, $1000

Support levels: $250, $200, $150

BCH/USD is looking to slow down and settle around the $534 support level. However, the Bitcoin Cash price breaks below the 9-day and 21-day moving averages, touching its lowest daily level at $513. In addition, the current performance of the Bitcoin Cash is below the normal expectations as the coin may still touch many downtrends.

Bitcoin Cash Price Prediction: Next Direction for Bitcoin Cash?

If the Bitcoin Cash bulls fail to push the market price above the 9-day and 21-day moving averages, there is a risk for a fresh bearish wave. Therefore, if the coin drops below the lower boundary of the channel; the initial support may be located at the $300 level where the market price could dig deep.

However, the technical indicator Relative Strength Index (14) reveals the sudden downtrend as the signal line heads downward, any further bearish crossing into the oversold region could lead to the critical supports at $250, $200, and $150. On the contrary, a high swing could take the bulls to a key resistance level of $750. If this played out, the coin may trigger a bullish rally which could take the market price to $900, $950, and $1000 resistance levels.

When compares with Bitcoin, the daily chart reveals that the sellers continue to show enough commitment to the market movement. However, following the recent negative signs, the trend may continue to go down if the bears keep on putting more pressure on the market.

Nevertheless, as the technical indicator Relative Strength Index (14) moves below 40-level, if the buyers failed to hold the support of 0.015 BTC, the market price may focus on the downtrend while pushing it below the lower boundary of the channel may bring it to the nearest supports at 0.012 BTC and below but a rebound could take the price above the 9-day and 21-day moving averages which could find the resistance at 0.0185 BTC and above.

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