Bitcoin Cash Price Prediction – January 9
The Bitcoin Cash price prediction shows BCH moving within the channel at the lowest price since the past few weeks.
Resistance levels: $420, $440, $460
Support levels: $320, $300, $280
For the past few days, most of the major coins of the crypto market have been recording losses and the crypto market has been moving in reds. Similarly, BCH/USD is crashing down even harder as it currently trades at $378.69. However, the Bitcoin Cash price is having more inversely trading red candles than the green candles.
Bitcoin Cash Price Prediction: Bitcoin Cash (BCH) Could Drop More
The Bitcoin Cash price continues to move to the downside, and it could drop towards 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 slight gain of 1.57% as the technical indicator Relative Strength Index (14) is trying to leave the oversold region.
However, BCH/USD is changing hands at $378.69 but if the market price drops below the opening price of $372.98, the coin could slump to the support levels of $320, $300, and $280, bringing the price to a new monthly low. Meanwhile, a strong buying pressure could push the price to cross the upper boundary of the channel. While trading above this barrier, a bullish continuation is likely to touch the $420, $440, and $460 resistance levels.
Comparing with Bitcoin, the Bitcoin Cash price is very low due to a bearish scenario which is causing the market to fall drastically. However, as the price continues to fall, sellers may continue to pose an additional threat for the market to cross below the lower boundary of the channel. However, an eventual break below this barrier may cause the coin to collapse more.
From the upside, the resistance level of 950 SAT and above are likely to play out if the coin crosses 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) crosses below 40-level.
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