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Bitcoin Cash Price Prediction: BCH/USD Rejected at $264; Price Hovers around $255?

BCH Price Prediction – April 7

Bitcoin Cash extended the bullish action above $264 but declines swept in pushing back under $260.

BCH/USD Market

Key Levels:

Resistance levels: $320, $340, $360

Support levels: $200, $180, $160

BCHUSD – Daily Chart

Since BCH/USD couldn’t break out of the ascending channel today, the price has had a bearish inclination and became an uphill task to sustain the gains above the critical $250 due to the renewed bearish momentum emanating from the rejection around $264. Bitcoin Cash (BCH) price is currently down with 1.32% and the value has now fallen to as low as $252 from $264.

Looking at the daily chart, we can easily observe that BCH/USD is changing hands at $255 and if the market price drops further, it may move below the 9-day and 21-day moving averages and also cross below the lower boundary of the channel. More so, a break below the ascending channel is likely to produce a huge red candle to the downside, marking supports at $200, $180, $160 levels.

Moreover, a strong buying pressure may take the price back to the resistance level of $260. While trading at $300, a bullish step back may likely roll the coin to the resistance levels of $320, $370 and $390, establishing a new high for the market. In other words, the RSI (14) is moving in the same direction, which may indicate a sideways movement in the market soon.

BCH/BTC Market

Looking at the daily chart while comparing it with BTC, we can observe that the traders are yet to show a strong commitment to buying in the market. Meanwhile, in as much as the bulls turn strong now, we may expect the market to roll back to the 0.038 BTC and 0.040 BTC resistance levels.

BCHBTC – Daily Chart

However, the 0.032 BTC and 0.030 BTC levels may likely produce support for the market should in case the buyers failed to push the price to the north. Whichever way, the BCH/BTC pair continues to remain in a sideways movement while the RSI (14) signal line moves in the same direction.

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.