BCH Price Prediction – May 10
For the past few days, BCH/USD price actions are consolidating around the moving averages.
Resistance levels: $315, $335, $355
Support levels: $180, $160, $140
BCH/USD is currently battling with the bearish pressure that continues to dominate the entire crypto landscape. A few actions were witnessed to the upside over the past few days. However, the zone between $224 and $250 stayed intact as the key support level. The bulls are keen to ensure that the price stays above the channel before today’s dips into the $224 support zone.
Moreover, despite the fact that the price reached as high as $277 yesterday, it was unable to maintain its performance and started to recede downwards. At the moment, BCH/USD moves below the 9-day and 21-day moving averages but the present trend indicates that BCH prices may fall marginally before the day runs out.
Furthermore, if the market drives below the $200 support, the BCH price could slump to $180, $160, and $140, bringing the price to a new monthly low as the RSI (14) nosedives below 47-level. Meanwhile, if the bulls can hold the support at $235, a strong buying pressure may likely take the price to $300 resistance. While trading at $300, a bullish continuation could touch the resistance levels at $315, $335, and $355.
Against Bitcoin, the last few days have given the bears an upper hand in controlling the market. Following the recent negative sign, the BCH/BTC trend may continue to go down in as much as the sellers keep on pumping more pressure into the market.
Looking at the daily chart, the market price may likely resume an upward trend if the bulls can hold the price at 2673 SAT and cross the moving averages to reach the resistance level of 3100 SAT but as the stochastic RSI (14) moves above 40-level, a retest could lower the price of the coin to the supports of 2300 SAT and 2200 SAT.
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