Bitcoin Cash Price Prediction: BCH/USD Price Follows the Sideways Movement as the Coin Holds $220 Level
More so, the daily breakdown reveals that BCH/USD dropped to $216 at the opening of the market today after which it corrected itself to where it is trading currently at $220 level. Nevertheless, a bullish step back may likely roll back the market to $275 resistance with a possible break out of the channel and could move towards the $295 and $315 resistance levels, establishing a new weekly high for the market.
Another thing to note here is that the market is preparing to change the trend and a short-term bearish breakout is most likely to play out because the technical indicator RSI (14) moves below 47-level and this could find the nearest support levels at 0.031 BTC and below. However, the only condition for the resumption of the bullish trend is if the 0.033 BTC level can continue to provide support for the market, then the price may be pushed to the resistance level of 0.038 BTC and above.
