an hour ago | Michael Fasogbon
| ⠀Bitcoin Cash price: | $188 |
|---|---|
| ⠀Key BCH resistance levels: | $212, $239, $266 |
| ⠀Key BCH support levels: | $172, $160, $150 |
*Price at the time of writing
Bitcoin Cash Long Term Price Prediction: Bearish
On December 18, Bitcoin Cash sharply saw a small increase after seeing a six weeks consistent decline to $172. The increase was led by a bounce off the channel’s lower boundary. Since then, the price of BCH has remained stable at around $187 – indicating a lack of interest amongst traders.
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If an upsurge reoccurs, BCH is likely to revisit previous resistance of $212, followed by a bump to $$239 and 266 subsequently. Though, the mid-year bearish scenario is still flagging despite the recent price gain.
The RSI indicator is currently moving sideways following the latest price squeeze but still showing a sign of a downward trend. A look at the MACD suggests that the BCH market remains under a bearish control for now.
At this stage, there’s a high probability of a bearish continuation. Should selling pressure resume, BCH could bottom on the channel’s lower boundary. A drive below theses channel would lead to a devastating drop in price as $172, $160 and $150 support may be explored.
Bitcoin Cash Medium Term Price Prediction: Bearish
Bitcoin Cash continues to carve a channel pattern on the 4-hour chart. The recent bounce from the channel’s support is now facing a tough resistance at $190 over the past three days. Currently, the BCH market is subdued with choppy price actions.
We can expect a further climb to $200 once the buyers successfully overcome this immediate tough resistance. If not, BCH is likely to shift price downward to $180 and $170 support in no time. More so, the RSI is significantly moving sideways at the moment. Along with the latest recovery on the MACD, Bitcoin Cash is waiting for a positive cross.
Bitcoin Cash Short Term Price Prediction: Neutral
After recording a weekly high at $191 on December 19, Bitcoin Cash remained in a consolidation mode for the past three days. More so, volatility is seriously contracting at the moment. We can anticipate an expansion sooner than later. The RSI is currently moving sideways to reveal an indecisive market.
Interestingly, the MACD confirms that Bitcoin Cash trades at the horizon of the zero levels, which reveals that BCH is fragile at the moment. From above, the immediate resistance is $196 and potentially $206. From below, the key support is $183 and $173. Technically, a big shock wave is around the corner for the BCH market.
Conclusion
As long as BCH price holds in the channel boundary on the daily chart, there’s hope for the buyers as $200-$206 resistance zones may come into play later. But if the six-month channel breaks downward, Bitcoin Cash may collapse heavily to $150. Currently, the market is consolidating on a lower time frame. Considering the ongoing squeeze, a surge in volatility should be expected shortly.
Previous BCH price analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of Bitcoin Cash:
