BCH Price Prediction – December 21
BCH/USD has been consolidating at the lower boundary of the channel for the past few days.
Resistance levels: $210, $220, $230
Support levels: $162, $152, $142
BCH/USD bulls have been fighting to come out of the downward trend. Another fall is spotted on today’s chart as the market has been forming a pattern where the day begins with either having an uptrend or downtrend, but towards the end, it reverses. However, the zone between $182 and $180 stayed intact as the key support level as the bulls are keen to ensure that the price stays above $180.
Moreover, the daily chart reveals that BCH/USD price has continued to consolidate itself in a flag formation, waiting for a potential breakout. The daily breakdown shows that BCH/USD had dropped to $185.50 which is still below the moving averages of 9 and 21 days. If the support gets weak, a price break-down may occur as the bears may find new monthly lows at $162, $152 and $142 support levels.
In other words, a bullish step back may likely roll the market back to $210 resistance with a possible break out of the channel and move towards the $220 and $230 resistance levels, establishing a new monthly high for the market. At the moment, the RSI (14) indicator moves in the same direction below 40, indicating an indecisive movement.
Comparing with BTC, the market began the uptrend journey a few days ago to move towards the moving averages of 9 and 21 days. Yesterday, BCH eventually moved near the 2650 SAT, which raised the hope of the buyers before dropping slightly. But today, the coin signaled a bullish rally, likely to reach the potential resistance at 2780 SAT and above if pressure rises.
Meanwhile, from the market structure, we can say the bulls are stepping back into the market. In fact, the RSI (14) is now preparing to move out of the oversold zone. Conversely, BCH/BTC may likely retrace to the break level around 2570 SAT where it is consolidated. Should the coin drops below this consolidation area, the price may find support at 2420 SAT and below.
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