Bitcoin Cash Price Prediction for Today, January 9 – BCH Technical Analysis

The Bitcoin Cash price prediction is currently facing a decline in value of 2.55% after being rejected at a $258 resistance level.

Bitcoin Cash Prediction Statistics Data:

• Bitcoin Cash price now – $247
• Bitcoin Cash market cap – $4.80 billion
• Bitcoin Cash circulating supply – 19.6 billion
• Bitcoin Cash total supply – 19.6 billion
• Bitcoin Cash Coinmarketcap ranking – #19

BCH/USD Market

Key Levels:

Resistance levels: $290, $300, $310

Support levels: $215, $205, $195

BCH/USD may continue with the sideways movement as the coin moves to cross below the 9-day and 21-day moving averages. Looking at the daily chart, Bitcoin Cash (BCH) shows that the price is still moving within the channel, though the price may need to retreat a little bit before heading to the upside.

Bitcoin Cash Price Prediction: BCH Could Head to the Downside

The Bitcoin Cash price remains within the 9-day and 21-day moving averages, therefore, should buyers manage to power the market; they may likely find resistance levels of $290, $300, and $310. Nevertheless, bulls need to reclaim the resistance level of $258 to begin an upward movement.

However, if the market experiences more drops, it could hit the nearest support at $240 and a further drop toward the lower boundary of the channel could pull the market to the support levels of $215, $205, and $195 respectively. Meanwhile, the 9-day moving average may likely cross above the 21-day moving average, suggesting bullish signals in the nearest term.

BCH/BTC May Touch the Nearest Support

Against Bitcoin, the Bitcoin Cash price is likely to follow the downtrend if the coin remains below the 9-day and 21-day moving averages. Meanwhile, the Bitcoin Cash bears are likely to drag the price toward the lower boundary of the channel, any further bearish movement below this barrier could take the coin to the support level of 430 SAT and below.

Nonetheless, the 9-day MA crosses below the 21-day MA, it appears that bears are likely to put pressure on the bulls as all indicators head to the south. Meanwhile, if the bulls can regroup and halt the downward movement, the Bitcoin Cash price may begin an uptrend and head toward the upper boundary of the channel, crossing above it may locate the resistance level of 650 SAT and above.

Alternatives to Bitcoin Cash

The Bitcoin Cash price is seen hovering below the 9-day and 21-day moving averages. The coin may head toward the south if the sellers increase the pressure and the nearest support level of $230 may come to focus. Meanwhile, if the bulls resume the market and push the market price above the moving averages, BCH/USD may create additional gains that could lead the coin to a resistance level of $270.

Meanwhile, Bitcoin Cash (BCH) holds the 19th position in the cryptocurrency market with a market capitalization of $4.8 billion; however, its growth potential may be restricted due to its substantial size. Consequently, traders are showing a growing interest in Bitcoin Minetrix (BTCMTX), a distinctive alternative to Bitcoin. BTCMTX has garnered nearly $8 million during its ongoing presale, igniting investment discussions and considerations.