- Summary:
- Over the weekend, BCH price hit its lowest level since January. It will likely remain under pressure in the short term.
BCH price dropped below the psychologically crucial zone of $500 for the first time in two months. Notably, the trend observed in this altcoin is comparable to that of Bitcoin and other altcoins. The leading crypto is hovering below $50,000 after trading above it for two months. Ethereum Classic and Ethereum are some of the altcoins on a similar trajectory.
BCH price prediction
Bitcoin Cash has erased its weekend’s gains after it rebounded from its 11-month low. In the past week, the formation of a bearish flag signaled further losses. Subsequently, the altcoin extended the week’s losses by dropping from an intraday high of 569.41 on Friday to a low of 367.20 on Saturday.
At the time of writing, BCH price was down by 2.23% at 443.64. On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages; which points to further losses. For as long as the crypto remains below the crucial level of 600, the bears will remain in control. Indeed, I expect this to be the case in the ensuing sessions.
From this perspective, the psychological level of 500, which is along the 25-day EMA, will be a crucial resistance level for BCH price. It may rise further to along the 50-day EMA at 525.14 before pulling back. On the flip side, a move below its current support zone of 435.61 will likely place it at the psychological level of 400. Below that zone, the bears will have an opportunity to retest January’s low of 367.20.
