Bitcoin Cash Price Prediction – January 25
The Bitcoin Cash price may extend the market movement below the $250 support if the price fails to hold within the channel.
Resistance levels: $350, $370, $390
Support levels: $220, $200, $180
BCH/USD is currently showing a downtrend movement as the coin has not been able to sustain a steady bullish movement. As the daily chart reveals, the Bitcoin Cash price has been forming a pattern where the day could begin either with an up or down trend but the coin reverses towards the end of the day.
Bitcoin Cash Price Prediction: Bitcoin Cash (BCH) Not Yet Ready for the Upside
The Bitcoin Cash price may continue to follow a bearish movement, waiting for a cross below the lower boundary of the channel. More so, the daily breakdown reveals that the BCH price touches the daily low at $283.45, after which it could correct towards the downtrend. Meanwhile, if the support gets weak, a price break-down may occur as the bears may find new lows at $220, $200, and $180 support levels.
However, a bullish movement may likely move towards the 9-day moving average and this could push the market price towards the $350, $370, and $390 resistance levels. For now, the Relative Strength Index (14) is moving within the oversold region. Meanwhile, the market is likely to remain within the negative side as signal line stays at the downside.
Compares to Bitcoin, Bitcoin Cash continues to perform very poorly due to a recurring bearish sentiment leading to a drastic drop in the market. Meanwhile, when the BCH price drops, sellers pose an additional threat to buyers and any breakdown below the lower boundary of the channel may cause the coin to collapse.
However, for a positive movement, the resistance level of 870 SAT and above may play out but a bearish continuation below the channel may test the critical support at 720 SAT and below. More so, the market may not be ready for the upside as the technical indicator Relative Strength Index (14) moves within the oversold region, keeping the price at the negative side.
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