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Bitcoin Cash Price Prediction – BCH/USD Price Rests at $270 Level; What’s Next?

BCH Price Prediction – March 10

Bitcoin Cash buyers defend $260 support, which results in a shallow recovery above $270.

BCH/USD Market

Key Levels:

Resistance levels: $360, $380, $400

Support levels: $180, $160, $140

BCHUSD – Daily Chart

BCH/USD bears have been controlling the market for the fourth consecutive day. The price of the asset fell from $277.98 to $262.86, dropping below the $270 psychological level. Looking at the daily chart, as the signal lines of MACD moves within the negative side, BCH/USD is trending in a downwards channel formation and below the 9-day and 21-day moving averages.

Moreover, the Bitcoin cash is hovering at $271.74 but yet to break below the lower boundary of the channel. On the upside, a sustained move above $340 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 $360, $380 and $400 respectively. At the moment, the technical indicator remains within the bearish side, which indicates that the downward momentum may likely continue.

More so, the daily breakdown reveals that BCH/USD dropped to $262.86 at the opening of the market today after which it corrected itself to where it is currently trading at $271.74 level. However, if the current support gets weaker, a price break down may occur as the bears could find new lows at $180, $160 and $140 support levels.

Against Bitcoin, the recent sideways movement in the market is due to the price stability in BCH trading. Another thing to note here is that the market is preparing to change the trend and a short-term bearish breakout is most likely to play out because the technical indicator RSI (14) moves below the 40-level and this could find the nearest support levels at 0.029 BTC and below.

BCHBTC – Daily Chart

However, the only condition for the resumption of the bullish trend is if the 0.031 BTC level can continue to provide support for the market, then the price may be pushed to the resistance level of 0.039 BTC and above. Meanwhile, the BCH/BTC pair may continue to follow the 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.