BCH/USD May Retreat Below $400 Support

Bitcoin Cash Price Prediction – January 4

The Bitcoin Cash price is struggling to stay above $450 level as the coin could settle in consolidation around $420 level.

BCH/USD Market

Key Levels:

Resistance levels: $490, $510, $530

Support levels: $380, $360, $340

BCHUSD – Daily Chart

According to the daily chart, BCH/USD is pushing for consolidation around $432 but the trend has a bearish inclination, which may likely test the support at $400 as it moves below the 9-day and 21-day moving averages. The technical indicator still remained bearish as the Relative Strength Index (14) is likely to cross below 40-level.

Bitcoin Cash Price Prediction: Can BCH Price Go Further Lower?

At the moment, the Bitcoin cash price is likely to test the nearest support at $420 but the best the bulls can do is to defend the support at this level and focus on pulling towards $450. In the past few weeks, the Bitcoin Cash lost balance alongside other cryptos and the sharp drop affected the buyers from an attempted recovery above the 9-day and 21-day moving averages. As it is now, any further bearish movement towards the lower boundary of the channel could hit the supports at $380, $360, and $340 respectively.

Moreover, the coin is already at the negative side and therefore a slight bullish action is expected to correct the declines with a possible jump above $450. Meanwhile, if there is an increase in buying pressure, the price may break above the 9-day and 21-day moving averages to reach the $470 resistance. While trading at that level, the bullish continuation could push the coin to the resistance levels of $490, $510, and $530.

Against Bitcoin, the bears are still showing more commitment to the trading as the market price follows the recent negative signs since yesterday, therefore, the trend may continue to follow the downtrend if the buyers failed to keep the price above the 9-day and 21-day moving averages.

BCHBTC – Daily Chart

However, as the signal line of Relative Strength Index (14) heads below 50-level, going further below may cause the coin to continue the downward movement in order to touch the support level of 870 SAT and below but a rebound above the moving averages could take the Bitcoin Cash price to the resistance level of 985 SAT and above.