BCH\/USD<\/a> has been showing an uneven movement and it has not been able to maintain a consistent bullish run. Therefore, the price of Bitcoin Cash may continue to show some signs of a downward movement slowly till the latter part of the day. Meanwhile, for the past few days, the market has been forming a pattern where the day begins with either having an uptrend or downtrend, but towards the end, it reverses.<\/p>\nHowever, the BCH price continues to consolidate itself in a flag formation, waiting for a cross below the 9-day moving average. More so, the daily breakdown reveals that BCH\/USD dropped to $250.60 after the opening of the market today where it corrected itself to where it is trading currently at $253 level. If the support gets weak, a price break-down may occur as the bears may find new weekly lows at $240, $220, and $200 support levels.<\/p>\n
Nevertheless, a bullish continuation may likely roll back the market to $260 resistance with a possible break out of the channel and could move towards the $270, $290, and $310 resistance levels, establishing a new weekly high for the market. At the moment, the technical indicator stochastic RSI is still moving within the overbought zone, bearish signals may likely play out.<\/p>\n
BCH\/BTC Market<\/h4>\n
Comparing with Bitcoin, the recent sideways movement is due to price stability. At the moment, the market is preparing to change the trend and a short-term bearish breakout is most likely to play out because the technical indicator RSI (14) moves below 50-level and this could find the nearest support levels at 0.024 BTC and below.<\/p>\n