Bitcoin Cash Price Prediction: BCH/USD Range-Bound around $493

Bitcoin Cash Price Prediction
Bitcoin Cash Price Prediction

Bitcoin Cash Price Prediction – July 11

The Bitcoin Cash price prediction has been trying to break above the 9-day MA but the price has been rejected from several potential resistance levels.

BCH/USD Market

Key Levels:

Resistance levels: $650, $700, $750

Support levels: $350, $300, $250

Bitcoin Cash Price Prediction
BCHUSD – Daily Chart

According to the daily chart, BCH/USD is still following sideways movement. The 9-day and 21-day moving averages have been acting as support even though the price has not been able to climb above it several times. However, should in case the bulls want to see a shift in momentum, they will need to hold the price above the upper boundary of the channel.

Bitcoin Cash Price Prediction: Bitcoin Cash May Continue Ranging

The Bitcoin Cash price is currently trading at $493 and any attempt below the 9-day and 21-day moving averages could open the door to drop further and the BCH price could fall below the $450 support level. However, the traders need to keep an eye on the $600 before moving upwards while the resistance levels lie at $650, $700, and $750.

Moreover, the market may experience a quick-buy as soon as the market price moves above the upper boundary of the channel. And if the price fails to rebound, then a bearish breakout is likely to trigger selling opportunities for traders, which might cause the price to retest $450 and could further drop to $350, $300, and $250 support levels respectively. The technical indicator Relative Strength Index (14) is trying to face the downside, suggesting bearish signals.

Against Bitcoin, the situation is becoming bleak as the market ranges around the 9-day and 21-day moving averages. However, BCH/BTC has not been able to break above the upper boundary of the channel. The market opens today with a downtrend where it touches the daily low of 1462 SAT.

BCHBTC – Daily Chart

However, looking at the daily chart, the bears may be stepping back into the market and could bring the price back below the 9-day and 21-day moving averages at the nearest support levels at 1370 SAT and below. Meanwhile, the Relative Strength Index (14) may cross below 40-level to indicate that the bearish movement may continue to play out.

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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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