BCH Price Analysis – December 1
Bitcoin Cash (BCH) has been trading between the bull and the bear, while the price of the cryptocurrency fluctuates within the ascending channel.
Supply levels: $240, $250, $260
Demand levels: $190, $180, $170
Bitcoin Cash (BCH/USD) is trading at $213.32. The coin is still moving within the channel and around the 9-day moving average but below the 21-day moving average, following the downward movement. For the time being, the market price is moving towards the lower limit of the channel and the trading volume is issuing some sell signals as the MACD indicator is within the negative side.
Moreover, Bitcoin Cash price is expected to reach a $230 resistance level. Any attempt by the buyers to cancel the BCH/USD decline so that the development of the downtrend could result in an upward trend. The purpose of this movement is to for the buyers to push the price to the crucial resistance levels at $240, $250 and $260. On the downside, the price could reach the critical supports at $190, $180 and $170 levels.
Comparing with Bitcoin, the market has moved for a while in a very different way. But currently, sellers and buyers are trying to decide who will control the market while trying to break the upper or lower part of the symmetric triangle and falling below the moving averages of 9-day and 21-day while the MACD signal lines are still on the negative side.
However, if the bears try to break down the price, one would expect the market to fall to the support level of 0.0275 BTC and 0.0270 BTC. Meanwhile, a bullish continuation may likely push the price to the resistance levels of 0.0300 BTC and 0.0305 BTC respectively. Once the scenario is done, the market will continue to respect the trend line.
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