BCH Price Prediction – April 24
The Bitcoin Cash’s sudden dip below $800 today as the coin may likely reclaim back the losses if the bulls step back.
Resistance levels: $950, $1000, $1050
Support levels: $650, $600, $550
BCH/USD is currently experiencing a downtrend as the bears dominate the entire crypto landscape. At the time of writing, BCH/USD is hovering within the 9-day and 21-day moving averages as the trend has a bearish inclination, which may likely retest the support at $700. More so, the technical indicator has remained bearish as the RSI (14) continues to dig deeper below the 55-level.
Where is BCH Price Going Next?
As the daily chart reveals, the Bitcoin Cash price is facing the south but the best bulls can do is to defend the support at $750 and focus on pulling towards $800. However, BCH/USD is making an effort to push the price back above the moving average and it is also looking forward to reclaiming the ground past $850.
Meanwhile, if there is an increase in buying pressure, the price may break above the moving averages to reach the $900 resistance. While trading at that level, a bullish continuation could reach the resistance levels of $950, $1000, and $1050 respectively.
In other words, if the coin decides to remain on the negative side, a minimum swing may likely bring the price to a $700 support level. Exceeding this level could take the bears to $650, $600, and $550 levels by crossing below the lower boundary of the channel.
When compares with Bitcoin, bears keep pushing the price below the 9-day moving average. According to the recent negative sign, the trend may continue to follow the downtrend as much as the buyers failed to push the price above the upper boundary of the channel.
However, as the technical indicator RSI (14) slides below the 65-level, any further downtrend could lower the price to the support level of 0.013 BTC and below, but once it moves out of this zone, the market price may likely begin an upward trend to push the coin towards the resistance level of 0.019 BTC and above.