BCH Price Prediction – December 3
BCH/USD seems to have a support level at $210; gearing up for a rebound.
Resistance levels: $235, $245, $255
Support levels: $190, $180, $170
Since yesterday, Bitcoin Cash has been ranging between $212 to $224 levels and currently, the coin is aiming to trade above $215. Over the last two days, BCH/USD has gone through a substantial price fall. BCH coin was firmly above $223 when it opened on the last day of November, and it slipped below $221 before noon. Continuing the decline, the coin closed as low as $218.19. Yesterday, after touching a support level at $209, the Bitcoin Cash had shown a price escalation above $216.
Moreover, Bitcoin Cash has maintained a downward trend for the better part of today. Over the past few days, the highest recorded Bitcoin Cash (BCH) value was approximately $215 and it dropped almost suddenly in less than an hour to go below the $215 level. The market broke down today, reaching its lowest daily level at $211. The current performance of the coin in the market is below the normal expectations of traders and the coin could soon recover from these downtrends.
However, if the market drives below the $200 support, the BCH price may likely see support levels at $190, $180 and $170, bringing the price to a new low. Meanwhile, a strong buying pressure may take the price to $255 resistance. While trading at $255, a bullish continuation may likely reach the resistance levels of $235, $245 and $255. In other words, the RSI (14) is near 37 moving in the same direction.
Comparing with Bitcoin, the daily chart reveals 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 skyrocket to the resistance levels of 0.0300 BTC and 0.0305 BTC.
In addition, the 0.0280 BTC and 0.0275 BTC levels may likely produce support for the market should in case the buyers couldn’t push the price to the north. The BCH/BTC pair may continue to remain in a downward range while the MACD signal lines are already on the negative side.
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