BCH Price Analysis – April 3
Bitcoin Cash (BCH) is likely to continue with the downward momentum as revealed by the technical indicator.
Resistance levels: $635, $655, $675
Support levels: $500, $480, $460
Yesterday, BCH/USD peaked at $597 but now following a downward movement within the channel. Meanwhile, the price not staying above $600 ruins the long-term technical picture of the coin. Bitcoin cash will have to hold this ground to guide against the further downward pressure and the closest support expects the coin at $530. Once it is eliminated, the downside may likely grow, with the next goal supporting $500, $480, and $460 levels.
What is the Next Direction for Bitcoin Cash?
The Bitcoin cash is hovering at $552.02 but yet to break above the upper boundary of the channel. On the upside, a sustained move above $600 may ease the initial downside pressure and create momentum for the bulls with the focus to move the market to the next resistance levels of $635, $655, and $675 respectively. At the moment, the RSI (14) nosedives below 55-level, which indicates that the downward momentum may likely play out.
However, we realize that the recent uptrend within the ascending channel was necessary for the bullish action. More so, the support formed between $541 and $595 provided air-tight protection allowing the buyers to concentrate on stirring action to the north.
When compared with Bitcoin, the daily chart reveals that the bears have started showing some commitment to BCH trading. However, following the recent negative signs, the trend may continue to go down if the sellers continue to pump more pressure into the market.
More so, as the RSI (14) signal line nosedives below 55-level, if the buyers can hold the support of 0.0093 BTC, the market price may likely continue an upward movement, while pushing further may take it to the resistance level of 0.011 BTC and above but a retest could lower the price to the supports of 0.0085 BTC and below.