- Summary:
- BCH price remains within a horizontal channel for the fourth consecutive session as the level of fear in the crypto market eases.
BCH price is trading within a horizontal channel following the subsiding of fear levels in the crypto market. The crypto fear & greed index remains in the fear side of the spectrum as has been the case since mid-last week. However, the emotion’s intensity has dropped from 31 on Saturday to 44 on Monday.
Subsequently, the crypto market has eased after heightened volatility over the past week. The leading cryptocurrency – Bitcoin – has been trading within a range of between 46,505 and 44,225 since late last week.
Bitcoin Cash Price Prediction
BCH price has extended Sunday’s losses after its unsuccessful attempts to rebound from Friday’s low over the weekend. Since plummeting on Friday, it has been range-bound between the previous support level of 619.78 and slightly above the 50-day EMA at 655.42.
At the time of writing, Bitcoin Cash was down by 4.07% at 620.26. Over the past one week, it has dropped by about 22.73% amid the shifting market sentiment. On a two-hour chart, the crypto is trading below the 25 and 50-day EMAs.
In the short term, BCH price will likely remain within the formed horizontal channel of between 619.78 and 655.42. Within that range, it will likely find some resistance along the 25-day EMA at 642.20. From that perspective, the altcoin will probably remain above the crucial support level of 600, even as it records curbed gains.
