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BCH Price Prediction – November 12
Bitcoin Cash (BCH) seems to be caught between the bull and the bear, while the price of the cryptocurrency fluctuates in sideways.
Resistance levels: $315, $325, $335
Support levels: $260, $250, $240
Bitcoin Cash and other few selected cryptos remain in the green while the majority of digital assets are in the red. The Asian session illuminated the crypto landscape with all digital assets recording minor gains. However, the momentum is not strong enough to support the movements to the north, hence the current slump.
Meanwhile, BCH/USD is currently trading at $285; the daily chart shows that the coin is trading in-between the 9-day and 21-day moving averages within the ascending channel. As at the time of writing, the market price nosedive towards the lower limit of the channel, issuing a sell signal as the RSI (14) moves under level 60.
Moreover, a minimum swing may likely push the market to a $260 level of support. Exceeding this level could take the bears to $250 and $240 by crossing the lower trend line of the channel. In other words, a high swing may likely take the bulls to a key resistance level of $305. Above this, the coin can possibly trigger a bullish rally which may take the price to $315, $325 and $335 resistance levels.
Against BTC, the market bounces back a few days ago to move above the 9-day and 21-day moving averages. Bitcoin cash has now signaled a bullish rally, and the price is likely to meet the potential resistance at 0.0346 BTC and 0.0356 BTC if pressure rises. In fact, the MACD signal lines are still in the positive side giving some bullish signals.
Meanwhile, from the market structure, we can say the bulls have regained control of the market. Before the positive climb start, Bitcoin Cash is likely to retrace to the break level around 0.0324 BTC where it started trading yesterday. Should BCH drops below this consolidation area, the price may find support at 0.0310 BTC and 0.0287 BTC levels.
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