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Bitcoin Cash Price Prediction: BCH/USD Price Relatively Retraces Southbound Towards a Low Value of $350 Support

BCH Price Prediction – January 31
BCH/USD market-worth has faced a downward retracement over a couple of trading days’ sessions. Price currently fluctuates around a low point of $390.

BCH/USD Market
Key Levels:
Resistance levels: $500, $600, $700
Support levels: $300, $250, $200

BCHUSD – Daily Chart
Despite the current price reduction in the value of BCH/USD market operations, the trading chart shows a promising return of an upswing in near trading sessions. The SMA trading indicators are now moving closer. The 14-day SMA briefly points southward over the 50-day SMA points to the north. The Stochastic Oscillators have freshly dipped into the oversold region. Seemingly, they could begin a consolidation move for a while. That signifies less expectation of any further intense downward pushes in the BCH/USD market.

What is the next price direction for BCH/USD?
BCH/USD price-worth has traded to a low point averaging the support value of $350 recently. Strength-showcasing instruments suggest that pressures to the down direction are mostly getting faded off. Bulls may be having the chance of gathering a catalyst around the $350 and $390 marks for a decent price stride. However, traders need to cautious of a resistance value around the $600 level.

On the downside, sellers’ efforts appear getting exhausted while the price couldn’t violently breach downward sustainably beyond around the $390 market trading line. As a result, it could be lessened more in energy to give way to potential upswings. That said, a price consolidation around the trading line mentioned earlier could result in letting the crypto-market witnessing side-way moves.

BCH/BTC Price Analysis
Comparing BCH to BTC price moves, the trend shows that the base crypto’s value is still overwhelmed by the counter crypto’s. There have several upward attempting efforts made by the base crypto, but, have been curtailed within or around the bearish channels. Both the two SMA trading indicators have almost conjoined within. Price now trades not far below them. The Stochastic Oscillators are in the oversold region. They briefly cross hairs pointing towards the north. That suggests that the base-crypto is struggling to find a base-line to regain strength in the market.

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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.

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