Bitcoin Cash Price Predictions - February 1

Bitcoin Cash's price prediction shows that BCH trades below the moving averages, as the price moves in the opposite direction.

BCH/USD Market

Key Levels:

Resistance levels: $400, $420 and $440

Support levels: $200, $180, $160

Since the last few days, BCH/USD has been moving in a sideways direction. The coin hasn't been able maintain a bullish trend within the daily charts, but there are signs that the coin could show some upward movement until it crosses above the 9-day moving mean. The technical indicator, which remains in the oversold area, could also explain why Bitcoin Cash is still below the 21-day and 9-day moving averages.

Bitcoin Cash Price Prediction: BCH Gets Ready to a Spike North

The Bitcoin Cash price is still consolidating within the descending channel, staying below the 21-day and 9-day moving averages at the time of writing. The daily breakdown shows that BCH/USD could rise in price, where it could move from the $285 resistance level at $300 to another higher resistance level at $300. The bulls must hold the price at the current level to move higher. If this is not possible, buyers could find resistance levels at $420, $420 and $440.

Contrarily, bears could enter the market to lower the price. BCH/USD will likely fall towards $250 while trading at this level. The market could slide to critical support levels at $200, $180 and $160. The Relative Strength Index (14) continues to move in the same direction as the oversold area, but a bullish crossing may signal a buy signal.

Bitcoin is showing a bearish trend as the price of Bitcoin remains below the lower channel boundary's 9-day and-21-day moving averages. However, Relative Strength Index (14), moves within the oversold zone.

As Bitcoin Cash approaches the lower boundary, sellers continue to increase their entry as Bitcoin Cash falls below it. Even more, if bears succeed in breaking the barrier, it is likely that the market will fall towards the support level at 650 SAT or below, while a rebound may increase it to the resistance level at 850 SAT or above.

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By: Azeez Mustapha
Title: Bitcoin Cash Price Prediction: BCH/USD Price Ranges as the Coin Hovers Around $285
Sourced From: insidebitcoins.com/news/bitcoin-cash-price-prediction-bch-usd-price-ranges-as-the-coin-hovers-around-285
Published Date: Tue, 01 Feb 2022 21:35:10 +0000