Bitcoin Cash Price Prediction: BCH/USD Suddenly Drops Below $230; More Pains May Come

BCH Price Prediction – July 14

BCH/USD looks to drop below 21-day moving average to test $225 support level

BCH/USD Market

Key Levels:

Resistance levels: $245, $265, $285

Support levels: $215, $195, $175

BCHUSD – Daily Chart

Since the beginning of this week, most of the major currencies in the crypto market have suffered losses for some time. Likewise, BCH/USD continues to drop as it is currently trading at $229.32. The price trend of BCH coin is having more inversely trading red candles leading to loss-making investments.

Meanwhile, looking at the daily movement of BCH/USD over the past 8 days, we see that the coin started the month at $221, after which it constantly posted two highest highs. The BCH/USD could not maintain volatility; the downward trend led the currency to $225, down 1.11% from the monthly high of $245.

However, BCH/USD is currently changing hands at $229.32 and if the market price continues to fall, the coin could fall to the support levels of $215, $195, and $175, as the RSI (14) is below the 48-level. Meanwhile, strong buying pressure can push the price to the resistance level of $235. When trading at $240, a bullish chase may hit the resistance levels of $245, $265, and $285.

Against Bitcoin, Bitcoin Cash is being weak due to a recurring bearish feeling which caused a drastic fall in the market. As the price drops, sellers pose an additional threat to buyers to reach the support level of 0.0247 BTC, where the closest target is located. However, a possible break under the bottom of the channel can cause the coin to collapse.

BCHBTC – Daily Chart

For an upward movement, 0.0250 BTC is currently the main resistance level. Therefore, a negative peak could retest the major support at BTC 0.0240 and below. The trading volume is falling while the RSI (14) moves toward the 40-level, suggesting more bearish signs.

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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.