- Summary:
- BCH price has been trading below the psychologically crucial zone of $500 since early December. This support-turn-resistance level will likely remain evasive in the short term.
BCH price has eased after Monday’s decline; a trend that is comparable to that of other cryptocurrencies. Bitcoin, which often sets the pace for altcoins, dropped below the crucial $50,000 mark on Monday. In Tuesday’s session, it is hovering around $46,500. Notably, several altcoins, including Dogecoin and Ethereum Classic, are on a similar trajectory.
BCH price prediction
Bitcoin Cash has eased at around 425 after dropping from Monday’s high at 461.85. Since the beginning of October, the altcoin has been trading steadily above the psychologically crucial zone of 500. However, at the start of December, risk aversion pushed it below this level. Since then, the once steady support zone has been evasive.
At the time of writing, BCH price was up by 2.21% at 431.55. On a four-hour chart, it is trading below the 50 and 200-day exponential moving averages. In the short term, the range between Monday’s low at 413.99 and along the 50-day EMA at 460.78 will be one to look out for.
Below the horizontal channel’s lower border, BCH price will likely hover around 400. On the upside, a move above the range’s upper border will give the bulls an opportunity to retest the crucial support-turn-resistance zone of 500. However, for as long as it remains below the 200-day EMA at 528.50, the bearish outlook holds.
