BCH Price Prediction – January 10
The BCH price is riding on the bulls according to the daily chart while the traders may likely have a great week ahead.
Resistance levels: $680, $700, $720
Support levels: $500, $480, $460
If BCH/USD trading volume can continue to increase significantly, a more bullish run is likely to occur. Following the recent price, Bitcoin Cash is currently facing a potential resistance at the $65 level across the upper boundary of the channel. A break above the ascending channel is likely to produce a huge green candle to the upside, marking resistances at $680, $700, $720 levels. Nevertheless, the Bitcoin Cash would have been in a bullish run.
What to Expect from Bitcoin Cash (BCH)
As we can see in the daily chart, a bearish step back below the 9-day moving average may likely roll the market back to $520 support, if the bulls fail to hold this support, a possible break down to $500, $480, and $460 supports may be visited, and this may establish a new yearly low for the market.
Looking at the daily chart, we can see that the trading volume is rising, giving a sign of an upcoming big move. More so, the technical indicator, RSI (14) signal line is moving within the overbought zone due to the price increase where a precise bullish cross might reveal more buy signals for the market.
Against BTC, the market bounces back to move above the 9-day and 21-day moving averages. Today, BCH eventually broke up the channel, which raised the price to 1623 SAT before the slight drop to 1541 SAT where it is currently trading. Bitcoin cash has now signaled a bullish rally, likely to meet resistance at 1800 SAT and 1900 SAT if the pressure rises. In fact, the daily chart reveals that the technical indicator RSI (14) is now moving above the 60-level.
Meanwhile, from the market structure, we can say the bulls have regained control of the market. But BCH is likely to retrace to the break level around 1360 SAT where it consolidated today. However, should Bitcoin Cash drops below this consolidation area, the price may find support at 1200 SAT and 1100 SAT.