Bitcoin Cash Price Prediction for Today, 06 December: BCH May Trend Lower

Sellers’ momentum may increase Bitcoin Cash market

Bitcoin Cash (BCHUSD) Price Analysis – 06 December

In case, the bears increase their pressure, the support level of $107 will be broken and Bitcoin Cash will have its low at the support level of $96 and $89. If the support level of $107 holds price may find resistance at $111, $118, and $129.

BCH/USD Market

Key Levels:

Resistance zone: $111, $118, $129

Support zone: $107, $96, $89

BCH/USD Price Long-term Trend: Bearish

BCH/USD continues its bearish trend on the long-term outlook. The cryptocurrency was bearish last week as it broke the support level of $111 downside with strong Japanese bearish candles. The buyers are opposing the sellers with strong bullish momentum and this led to the formation of a bearish symmetrical triangle on the daily chart. There is a possibility for the breaking down of the lower trend line.

At present, the bearish symmetrical triangle formed is an indication that the bearish trend may continue. The coin is between the 21-day EMA and 9-day EMA with the former below the latter which is an indication of bearish pressure and also shows that the downtrend is ongoing. However, the relative strength index period 14 is not displaying a specific direction indicating low bullish and bearish momentum. In case, the bears increase their pressure, the support level of $107 will be broken and BCH will have its low at the support level of $96 and $89. If the support level of $107 holds price may find resistance at $111, $118, and $129.

Medium-term Trend: Ranging

BCH is ranging on the 4-Hour chart. BCH price consolidated at the resistant zone of $111 at the moment. The bulls were unable to push the coin to the north due to the low momentum coupled with the resistance of the 21-day EMA and the bears’ momentum is equally low unable to push the price below the $107 level.

The bearish trend may continue as long as the coin break down the trend line of the symmetrical triangle. The price is trading around the 21-day EMA and the 9-day EMA with the two EMAs interlocked. The relative strength Index period 14 is at the 49 level pointing up to indicate a buy signal. There is a low Bulls’ and Bears’ momentum in the Bitcoin Cash market but Strong bullish momentum is in the market of IMPT.

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