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The Bitcoin Cash price forecast is currently facing a 2.55% decline in value after being rejected at the $258 resistance level.
Bitcoin Cash Prediction Statistics Data:
- Bitcoin Cash price now – $247
- Market cap of Bitcoin Cash – $4.80 billion
- Bitcoin Cash Circulating Supply – 19.6 Billion
- Total supply of Bitcoin Cash – 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 its sideways move as the coin moves below the 9- and 21-day moving averages. Looking at the daily chart, Bitcoin Cash (BCH) shows that the price is still moving within the channel, although the price may have to pull back a little bit before moving upward.
Bitcoin Cash Price Prediction: BCH Could Move To The Downside
The Bitcoin Cash price will therefore remain within the 9 and 21 day moving averages, should buyers manage to power the market; they are likely to find resistance levels at USD 290, USD 300 and USD 310. Nevertheless, bulls need to regain the USD 258 resistance level to start an upward move.
However, if the market experiences more declines, it could reach the nearest support at $240 and a further decline towards the lower limit of the channel could pull the market towards the support levels of $215, $205 and $195 respectively. Meanwhile, the 9-day moving average could likely move above the 21-day moving average, which could indicate bullish signals in the near term.
BCH/BTC may hit the nearest support
Relative to Bitcoin, Bitcoin Cash price is likely to follow the downtrend if the coin remains below the 9 and 21 day moving averages. Meanwhile, the Bitcoin Cash bears are likely to drag the price towards the lower limit of the channel; any further bearish move below this barrier could take the coin towards the support level of 430 SAT and below.
Nevertheless, the 9-day MA is below the 21-day MA. It looks like bears are likely to put pressure on the bulls as all indicators are heading south. Meanwhile, if the bulls can regroup and stop the downward movement, Bitcoin Cash price may start an uptrend and move towards the upper boundary of the channel, above which the resistance level of 650 SAT and above can be found.
Alternatives to Bitcoin Cash
Bitcoin Cash price is hovering below the 9 and 21 day moving averages. The coin could head south if the sellers increase pressure and the nearest support level at $230 could come into view. Meanwhile, if the bulls resume the market and push the market price above the moving averages, BCH/USD could create additional gains that could lead the coin to a resistance level at $270.
Meanwhile, Bitcoin Cash (BCH) holds the 19th position in the cryptocurrency market with a market cap of $4.8 billion; however, its growth potential may be limited due to its significant size. As a result, traders are showing a growing interest in Bitcoin Minetrix (BTCMTX), a distinctive alternative to Bitcoin. BTCMTX raised nearly $8 million during the ongoing pre-sale, sparking investment discussions and considerations.
New Crypto Mining Platform – Bitcoin Minetrix
- Controlled by Coinsult
- Decentralized, secure cloud mining
- Earn free Bitcoin every day
- Native token now on pre-sale – BTCMTX
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