BCH Price Prediction – January 28
BCH/USD price actions have been consolidating around the lower boundary of the channel.
Resistance levels: $500, $550, $600
Support levels: $300, $250, $200
BCH/USD is currently struggling with the bearish pressure that continues to dominate the entire crypto landscape. A few actions were witnessed to the upside over the past few hours. However, the bulls are keen to ensure that the price stays above the lower boundary of the channel as the market price remains under the 9-day and 21-day moving averages.
What to Expect from Bitcoin Cash (BCH)
Despite the fact that the BCH price touches the daily high of $400 in the early hours of today, although, it has been able to maintain its performance and may begin to recede downwards. At the moment, BCH/USD moves below the moving averages but the present trend indicates that BCH prices may continue to move sideways before the day runs out.
However, if the market drives below the lower boundary of the channel, the BCH price could slump to the supports at $300, $250, and $200, bringing the price to a new monthly low as the RSI (14) moves around 41-level. Meanwhile, if bulls can hold the current market value at $394, a very strong buying pressure may likely take the price to $450 resistance. While trading at this level, a bullish continuation could touch the resistance levels at $500, $550, and $600 respectively.
When compares with Bitcoin, the last few days has been giving the bears an upper hand in controlling the market. Following the recent negative signs, BCH/BTC may continue to follow the downward trend in as much as the sellers keep on pumping more pressure into the market.
Moreover, the market price may likely resume an upward trend if the bulls can hold the price at 1208 SAT and then cross above the 9-day and 21-day moving averages to hit the resistance level of 1500 SAT and above. However, as the RSI (14) moves below 40-level, a retest could lower the price of the coin to the supports of the 1000 SAT and below.
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