Bitcoin Cash Price Prediction – December 12
The Bitcoin Cash price prediction shows BCH moving within the channel at the lowest price since the past few weeks.
Resistance levels: $520, $540, $560
Support levels: $380, $360, $340
Since the past few days, most of the major coins of the crypto market have been recording losses for quite some time now. Similarly, BCH/USD is crashing down even harder as it currently trades at $452.49. However, the Bitcoin Cash price is having more inversely trading red candles leading to loss-making investments.
Looking at the daily chart, the Bitcoin Cash price continues to move at the lower side at $452.49, after which it could drop below the lower boundary of the channel. BCH/USD has been unable to hold the volatility; the downtrend is leading the coin to trade below the 9-day and 21-day moving averages, recording a fall of 1.52% as the technical indicator Relative Strength Index (14) moves below 35-level.
However, BCH/USD is changing hands at $452.49 and if the market price drops further, the coin could slump to the support levels of $380, $360, and $340, bringing the price to a new monthly low. Meanwhile, a strong buying pressure may push the price above the 9-day moving average. While trading above this barrier, a bullish continuation is likely to touch the $520, $540, and $560 resistance levels.
Comparing with Bitcoin, the Bitcoin Cash price is very low due to a recurring bearish sentiment which is causing the market to fall drastically. However, as the price continues to fall, sellers may continue to pose an additional threat for buyers to reach the support level of 900 SAT where the nearest target is located. However, an eventual break below the lower boundary of the channel may cause the coin to collapse more.
However, from the upside, the resistance level of 980 SAT and above are likely to play out if the coin faces the upside to cross above the 9-day and 21-day moving averages. Therefore, a negative spike could drag the coin to the support level of 850 SAT and below as the technical indicator Relative Strength Index (14) may be crossing into the oversold region.
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