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Bitcoin Cash Price Prediction: BCH/USD Step Down After the Price Touches $256 Mark

BCH Price Prediction – June 7

Today, the price of Bitcoin Cash briefly slides below $255 after a rejection at $256 level.

BCH/USD Market

Key Levels:

Resistance levels: $280, $300, $320

Support levels: $230, $210, $190

BCHUSD – Daily Chart

BCH/USD price is seen rolling down as revealed by the daily chart. Apparently, the current downfall was expected as the altcoins were hitting huge counters, and the market had to come under selling pressure. However, should Bitcoin Cash fall below the 9-day and 21-day moving averages, the bears might come back to dominate the market.

On the upside, a sustained move above the channel may ease the initial downside pressure and create momentum for the bulls with the focus to move the market to the next resistance levels of $280, $300, and $320 respectively. At the moment, the technical indicator RSI (14) moves below 55-level, which indicates that the downward momentum may likely continue.

Nevertheless, in as much as the 9-day MA is well above the 21-day MA, the coin may either follow an uptrend or remain within the consolidation area. However, it is important to note that the recent consolidation within the channel is necessary for the bullish action. More so, the support formed between $240 and $250 provided tight protection which may allow the buyers to concentrate on stirring action to the north.

When compares with Bitcoin, one thing to note here is that the market is preparing to change the trend and a short-term bearish breakout is most likely to play out because the technical indicator stochastic RSI signal lines are within the overbought zone and when turning downward, the price could break below the moving averages to find the nearest support level at 2500 SAT.

BCHBTC – Daily Chart

Therefore, if the buyers could gather and succeed in breaking the upper boundary of the channel, the market price may likely touch the next resistance level of 2900 SAT and above. In other words, a retest could lower the price to 2300 SAT and 2200 SAT support levels.

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.