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Bitcoin Cash Price Prediction: BCH/USD Smashes Through $375 Level to Test the Support Zone  

BCH Price Prediction – February 22

BCH/USD is seen to be caught between the bull and the bear, while the price of the cryptocurrency fluctuates.

BCH/USD Market

Key Levels:

Resistance levels: $450, $2470, $490

Support levels: $302, $282, $262

BCHUSD – Daily Chart

Looking at the daily chart, BCH/USD could no longer defend the support level of $380 again as the price hovers around $275. The coin has been trading below the 9-day and 21-day moving averages indicating a sideways movement. For the time being, the market price is moving around the lower boundary of the channel as the technical indicator is seen moving in the same direction.

Taking a look at the market, the BCH coin is yet to show a strong bear dominance in the long-term. But the short-term outlook looks bearishly strong. However, a bullish interception may set the next key resistance at $450, $470, and $490, crossing above the moving averages. Nevertheless, we can expect a little rise before the rally begins.

Following the on-going movement, the price of BCH has recently plunged to $354 before a small rise to where it’s currently changing hands at $375. A further rally is likely at $302, $282 with a possible new monthly low at $262. As we can see on the daily price chart, BCH volume has been drastically low over the past days, which shows that the bears are gaining moment.

With Bitcoin comparisons, the market has evolved for a while in a very different way. But currently, the sellers are gaining the market as they are moving under the 9-day and 21-day moving averages around the lower boundary of the channel while the RSI (14) moves towards the 45-level.

BCHBTC – Daily Chart

However, the downtrend is seen giving the sellers the confidence to increase their entries. More so, if the bears succeeded in the broken price, one would expect the market to fall to the support level of 0.033 BTC and 0.031 BTC. Meanwhile, a rebound could increase it to the resistance level of 0.044 BTC and 0.046 BTC.

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.