BCHUSD – Daily Chart
BCH/USD is wanting to cut down and should settle below the $300 support level. However, the market value breaks down today, touching its lowest daily level at $308. In addition, the present performance of the Bitcoin money is below the conventional expectations because the coin may gain additional downtrends within the next negative direction.
Bitcoin spot price Prediction: What can be ensuing Direction?
If the Bitcoin spot price fails to push the value on top of the 9-day and 21-day moving averages, there’s a risk of a recent pessimistic wave. However, if the coin drops below the lower boundary of the channel, the initial support could also be settled at the $300 level wherever the market value might restart its decline.
because the technical indicator Relative Strength Index (14) reveals the potential downtrend, any pessimistic crossing below the 40-level may lead to the important supports at $250, $230, and $210. Nevertheless, a high swing towards the higher boundary of the channel could take the bulls to a key resistance level of $350. If this is often possible, the coin could trigger a optimistic rally that could take the market price to $400, $420, and $440 resistance levels.
in comparison with Bitcoin, the daily chart reveals that the sellers still show some commitment to the market movement. However, following the recent negative signs, the trend could continue to go down if the bears continue golf shot additional pressure on the market.