BCH Price Prediction – December 2
The Bitcoin Cash upward direction is revealing as the bull gains momentum.
Resistance levels: $340, $360, $380
Support levels: $240, $220, $200
BCH/USD is hovering at $293.74 after touching the daily at $298, the coin is seen focusing on the bullish momentum after a sustainable break above the 21-day moving average. More so, the coin gains 1.95% within 24 hours as it is using the trend-line at $270 support as a jumping-off ground to develop the upside momentum.
What to Expect from BCH/USD
Looking at the daily chart, BCH/USD price action is now following the upward movement but a retracement move may reach the closest support level at $270 before the rally begins. Therefore, if bounce up failed, the retracement might last to the $250 support level. However, bear dominance may be increasing by volume. Yesterday’s spike was much-anticipated for, and confirmation for bear-run. The next key support levels are located at $240, $220, and $200.
Looking at it positively, if BCH/USD stays above the 9-day and 21-day moving averages, the market price may likely break-through another resistance at $300 and $320 respectively. Meanwhile, the technical indicator shows that the bulls are still in control as the signal line remains above the 50-level. Therefore, further bullish movement may pave the way to the resistance levels of $340, $360, and 380.
When compares with BTC, the Bitcoin Cash is range-bound as the market may begin to move sideways while it remains under the 9-day and 21-day moving averages within the descending channel while the technical indicator RSI (14) moves above the 40-level.
Meanwhile, the bearish continuation may begin to increase the selling pressure. And if the bears succeeded in dominating the market, BCH/BTC may likely fall to the support level of 0.130 BTC and below. Meanwhile, a rebound could push the price above the moving averages, and crossing above the upper boundary of the channel may increase it to the resistance level of 0.0180 BTC and above.