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Bitcoin Cash Price Prediction: BCH/USD Exhibits Positive Signs; Price Floats Around $416

BCH Price Prediction – February 18

The RSI indicator is trending inside the oversold zone, hinting at an upcoming bullish movement.

BCH/USD Market

Key Levels:

Resistance levels: $485, $495, $505

Support levels: $340, $330, $320

BCHUSD – Daily Chart

The BCH/USD peaked at $497.15 on February 14, 2020, after which it couldn’t maintain the trend as the price dropped and consolidates within the channel. Meanwhile, for the price not staying above $500 ruins the long-term technical picture of the coin. Bitcoin cash will have to move back to $450 to guide against the downward pressure while the closest support expects the coin at $368, which was yesterday’s low.

Similarly, a movement below the mentioned-level may likely grow, with the next goal supporting $340, $330 and $320 levels. However, the price of the BCH is trading at $416.02 and still trading below the 9-day and 21-day moving averages. On the upside, a sustained move above $450 will ease the initial downside pressure and create momentum for the bulls with the focus to move the market to the next resistance levels of $485, $495 and $505 respectively.

At the moment, the stochastic RSI has crossed into the oversold zone, which indicates that the market follows a downtrend. Looking at the daily chart, we realize that the recent consolidation within the channel was necessary for the bullish action. Moreover, the support formed between $369 and $426 provided tight protection which allows the buyers to concentrate on stirring action to the north.

As revealed in the daily chart, against BTC, the bears have shown a little commitment to BCH trading. Following the recent negative sign, the trend may continue to follow the downtrend if the buyers failed to push the price above the 9-day and 21-day moving averages.

BCHBTC – Daily Chart

However, as the stochastic RSI is hovering within the oversold zone, once it moves out of this zone, the market price may likely resume an upward trend to touch the resistance level of 0.046 BTC and 0.048 BTC but a retest could lower the price to 0.037 BTC and 0.036 BTC support levels.

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.