Bitcoin Cash Price Prediction: BCH/USD Still Moving Under $240, More Pain May Likely Surface

BCH Price Prediction – October 9

Bitcoin Cash (BCH) has been trading under $240 level despite the fact that the price touched $239.71 yesterday.

BCH/USD Market

Key Levels:

Supply levels: $260, $270, $280

Demand levels: $200, $190, $180

BCHUSD – Daily Chart

The BCH/USD peaked at $239.71 on October 8, 2019, and has been trying to maintain the trend as the price consolidates within the channel. Meanwhile, for the price not staying above $240 ruins the long-term technical picture of the coin. Bitcoin cash will have to hold this ground to guide against the downward pressure and the closest support expects the coin at $202, which is the September 26th low. Once it is eliminated, the downside may likely grow, with the next goal supporting $200, $190 and $180 levels.

However, the price of the BCH is trading at $232.43 and still evolving in-between the 9-day and 21-day moving averages. On the upside, a sustained move above $240 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 $260, $270 and $280 respectively. At the moment, RSI (14) is currently moving at level 40, which indicates that the market might go on sideways.

Looking at the daily chart, we realize that the recent consolidation within the descending channel was necessary for the bullish action. Moreover, the support formed between $215 and $239 provided air-tight protection allowing the buyers to concentrate on stirring action to the north.

Meanwhile, compared with Bitcoin, when looking at the daily chart, following the trade for the past few days, the bulls have shown a little commitment to BCH trading. Following the recent positive sign, the trend will continue to go up if the buyers can sustain the pressure further.

BCHBTC – Daily Chart

However, if the buyers succeeded in breaking the upper side of the channel, the market price may likely touch the next supply level of 0.030BTC and 0.032BTC. In other words, a retest could lower the price to 0.026BTC and 0.025BTC demand levels. With the look of things, the RSI (14) indicator moves at level 50 which may likely boost the bullish movement.

Please note: 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.