BCH Price Prediction – December 24
BCH/USD has been trading under $200 level despite the fact that the price touched $198.48 yesterday.
Resistance levels: $212, $222, $232
Support levels: $160, $150, $140
The BCH/USD peaked at $198 yesterday and has been trying to maintain the trend as the price consolidates within the channel. Meanwhile, for the price not staying above $200 ruins the long-term technical picture of the coin. Bitcoin cash will have to hold this ground to guide against the downward pressure but the closest support expects the coin at $180. Once this is eliminated, the downside may likely trigger, with the next goal supporting $160, $150 and $140 levels.
However, the price of the BCH is currently changing hands at $188.23 and evolving in-around 9-day moving average. On the upside, a sustained move above $200 at 21-day moving average will ease the initial downside pressure and create momentum for the bulls with the focus to move the market to the next resistance levels of $212, $222 and $232 respectively.
Looking at the daily chart, the stochastic RSI is currently moving into the overbought zone. Meanwhile, we realize that the recent consolidation within the descending channel is necessary for the bullish action. Moreover, the support formed between $197 and $185 provided air-tight protection allowing the buyers to concentrate on stirring action to the upward trend.
With Bitcoin comparisons, the recent sideways movement is due to the price stability in BCH trading which shows that the resistance-support is at equilibrium. Another 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 and it may find the nearest support levels at 2450 SAT and below.
Meanwhile, the only condition for a bullish trend to resurface is if the 2700 SAT can continue to provide support for the market, then the price may be pushed to the resistance level of 2750 SAT and above. Meanwhile, the BCH/BTC pair continues to remain in a downward range while the stochastic RSI is moving within the oversold condition.
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