BCH Price Prediction – February 7
The Bitcoin Cash free-falls toward the moving averages as the broad-based selling activities hit the market.
Resistance levels: $550, $570, $590
Support levels: $360, $340, $320
BCH/USD is looking to slow down and settle around the $430 support level. However, the market price broke down today, touching its lowest daily level at $430. In addition, the current performance of the Bitcoin Cash is below the normal expectations as the coin may soon recover from this downtrend.
What is the Next Direction for Bitcoin Cash?
If the BCH price fails to keep the price above the 9-day and 21-day moving averages, there is a risk for a fresh bearish wave. If the coin drops below the moving averages, initial support may be located below the lower boundary of the channel at the $380 level where the market price could restart its decline.
As the technical indicator, RSI (14) reveals the sudden downtrend, any further bearish crossing below 50-level could lead to the critical supports at $360, $340, and $320. Nevertheless, a high swing could take the bulls to a key resistance level of $500. If this possible, the coin may trigger a bullish rally which could take the market price to $550, $570, and $590 resistance levels.
Against Bitcoin, the daily chart reveals that the sellers continue to show some commitment to the market movement. However, following the recent negative signs, the trend may continue to go down if the bears keep on putting more pressure on the market.
However, as the technical indicator RSI (14) moves below 40-level, if the buyers failed to hold the support of 0.011 BTC, the market price may focus on the downtrend while pushing it below the lower boundary of the channel may bring it to the nearest supports at 0.009 BTC and below but a rebound could take the price above the moving averages, crossing above the upper boundary of the channel could find the resistance at 0.014 BTC and above.