BCH Ready for $300 Support

BCHUSD 23042022

Bitcoin Cash’s price forecast is falling to the lower bound of the channel as selling pressures could take over the market.

BCH/USD Market

Key Levels:

Resistance Levels: $400, $420, $440

Support Levels: $250, $230, $210

BCHUSD – Daily Chart

BCH/USD is looking to slow down and may settle below the USD 300 support level. However, the market price is falling today, reaching its daily low at $308. In addition, Bitcoin Cash’s current performance is below normal expectations as the coin may see more downward trends in the next negative direction.

Bitcoin Cash Price Prediction: What Could Be The Next Direction?

If Bitcoin cash price does not push the price above the 9 and 21 day moving averages, there is a risk of another bearish wave. However, if the coin drops below the lower limit of the channel, the initial support could be at the $300 level, where the market price could fall again.

As the technical indicator Relative Strength Index (14) reveals the possible downtrend, any bearish cross below the 40 level could lead to critical supports of $250, $230 and $210. Nevertheless, a high swing towards the upper bound of the channel could push the bulls to a key resistance level of $350. If possible, the coin could trigger a bullish rally that could push the market price towards the $400, $420 and $440 resistance levels.

Compared to Bitcoin, the daily chart shows that the sellers continue to show some commitment to the market movement. However, after the recent negative signals, the trend could decline further if the bears continue to put pressure on the market.

BCHBTC – Daily Chart

However, if the Relative Strength Index (14) technical indicator moves below the 50 level and the buyers fail to hold the 750 SAT support, the market price may focus on the downtrend and it may cross the lower bound of the SAT. the channel takes it to the nearest support at 680 SAT and below, but a rebound could bring the price above the 9-day and 21-day moving averages, towards the upper limit of the channel could locate resistance at 900 SAT and above .

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