Bitcoin Cash (BCH) Price Prediction – December 25, 2020
Following the recent breakdown, BCH/USD has recovered but it is finding penetration difficult at the $320 resistance. On the BCH/BTC chart, the crypto has made some recoveries but the bears are threatening to push the coin downward.
Resistance Levels: $360, $380, $400
Support Levels: $280, $260, $240
Today, Bitcoin Cash is rising as buyers attempt to push BCH above the $320 resistance. In the last 24 hours, the bulls have retested the resistance zone twice and have been repelled. In the previous price action on December 21 and 22, the bulls retested the same levels and the coin plunged to $268 low. The two major impediments to BCH upward move is the resistance at $320 and the $360.
However, as long as the crypto’s price is above the $250 support, the upside momentum will continue. Bitcoin Cash has already resumed upside momentum as the price approached the $320 resistance level. BCH will receive price acceleration if buyers overcome the $320 resistance. On the upside, if the bulls clear the resistances at $320 and $360, a rally above $500 is likely. Today, the crypto is fluctuating below the $320 resistance zone.
Bitcoin Cash Indicator Reading
The crypto’s price has broken the 21-day and 50-day SMA which suggests a possible rise of the coin. The resistance at $320 is likely to be broken as the market rises.BCH is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. Presently, the coin is in a strong bullish momentum.
On the BCH/BTC chart, the market is in a downward move. On December 24, the price corrected upward but was rejected at Ƀ0.018000. Meanwhile, the Fibonacci tool has indicated a further downward movement of the coin. On November 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the coin will fall at level 1.618 Fibonacci extension or Ƀ0.007481.