BCH Price Prediction – February 22
The Bitcoin Cash’s sudden dip below $600 today as the coin may likely reclaim back the losses if the bulls step back.
Resistance levels: $800, $850, $900
Support levels: $450, $400, $350
BCH/USD is currently experiencing a downtrend as the bears continue to 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 $500. More so, the technical indicator has remained bearish as the RSI (14) continues to dig deeper below the 60-level.
What is the Next Direction for Bitcoin Cash?
As the daily chart reveals, the best the bulls can do is to defend the support at $450 and focus on pulling towards $500. A few days ago, the coin has been following sideways movement but the sharp drop today affected the buyers from an attempted recovery above $750. However, BCH/USD is making an effort to push the price back above the 9-day MA and it is also looking forward to reclaiming the ground past $700.
However, the coin is already on the negative side and therefore a reflex bullish action is expected to correct the declines with a possible jump above $650. Meanwhile, if there is an increase in buying pressure, the price may break out of the ascending channel to reach the $750 resistance. While trading at that level, a bullish continuation could reach the resistance levels of $800, $850, and $900 respectively.
In other words, if the coin decides to remain on the negative side, a minimum swing may likely push the market to a $500 level of support. Exceeding this level could take the bears to $450, $400, and $350 levels by crossing below the lower boundary of the channel.
When compares with Bitcoin, bears are still showing more commitment to the market. According to the recent negative sign, the trend may continue to follow the downtrend in as much as the buyers failed to push the price above the 9-day and 21-day moving averages.
However, as the technical indicator RSI (14) slides below the 45-level, 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 0.014 BTC and above but a bearish continuation could lower the price to the support levels of 0.009 BTC and below.