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Bitcoin Cash Price Prediction – BCH/USD Rebounds, Eyeing $250 Resistance Level

BCH Price Prediction – June 17

Bitcoin Cash has remained range-bound with the short-term outlook ranging well within the channel.

BCH/USD Market

Key Levels:

Resistance levels: $255, $275, $295

Support levels: $225, $205, $185

BCHUSD – Daily Chart

BCH/USD is in the hands of the bulls but selling activities cap movement under $250. However, due to lack of enough buying power, the bulls could not sustain higher growth leading to a retest of the broken support area at $235. The technical indicator RSI (14) points towards a domineering sideways trading action in the coming sessions. Looking back at the recent dip to $235.31, recovery has been steady but acutely limited under $250.

At the time of writing, BCH/USD is trading at $240.16. The immediate downside is protected by the support level of $237. Another support has been established at $140. Besides, the range support at $230 is a key to the BCH. Other vital areas to watch include the main trend line of the channel at $225, $205, and $185 support levels. Technically, sideways trading action could dominate the current session and this may continue in the coming sessions.

Following the recent price, BCH/USD is currently facing a potential resistance at $242 level around the 9-day moving average within the channel. A break above the moving averages is likely to produce a huge green candle to the upside, marking resistances at $255, $275, $295 levels and above.

Against BTC, the market is bouncing back to cross above the 9-day and 21-day moving averages. At the time of writing, BCH has not been able to push the price upward, but it is currently trading at 2538 SAT. If the Bitcoin cash signal more bullish rally, it may likely meet resistance at 2700 SAT and above.

BCHBTC – Daily Chart

Meanwhile, looking at the daily chart, we can say that the market may soon resume an upward movement as the technical indicator RSI (14) moves toward 45-level. More so, BCH is likely to break above the moving average where it consolidating. However, should Bitcoin Cash drops below the channel, the price may find supports at 2350 SAT and beyond.

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.