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Bitcoin Cash price prediction: Price to cross over $400 before retracing

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TL;DR Breakdown

  • Bitcoin Cash price currently trading at $334.25
  • Short-term charts show bearish momentum while mid and long-term charts remain bullish.
  • Traders can expect price to cross $400 before correcting.

Bitcoin Cash price prediction: Today’s price overview

Bitcoin Cash price opened at $349.70 with bullish momentum that died shortly. The price action has been consolidating with wave-like bearish activity dominating the short-term charts. The asset is currently trading at $338.40, showing a 3.18 percent decline from the day’s opening price.

Bitcoin Cash price across the last 24 hours

Bitcoin Cash price prediction: Price to cross over $400 before retracing 1
Bitcoin Cash price prediction: Price to cross over $400 before retracing

Bitcoin Cash price started the day with strong bullish momentum as the buyers carried the price above $360. However, the price failed to maintain support at the level and was rejected sharply. The price declined to $332 before finding strong support to bounce back. The buyers took charge once again and surpassed $350 before the price declined once again.

Since then, the price has been moving inside a descending channel with key support at the $330 level. If the price falls below the support level, the next support lies at $325.

The RSI suggests that further downwards movement would cause BCH to become oversold and enable bulls to fight back. Meanwhile, the MACD shows mixed signals as the two EMAs move close together.

BCH USD November chart

Bitcoin Cash price prediction: Price to cross over $400 before retracing 2
Bitcoin Cash price prediction: Price to cross over $400 before retracing

Bitcoin Cash price started the month with bearish momentum generated in the latter part of October. The price continued to consolidate for two months before breaking down below $240. However, the decline was short-lived as buyers found support at $230 and initiated a bullish rally. The buyers faced resistance around the $274 level and failed to breakthrough. Subsequently, the price declined and continued consolidating for the next ten days.

As depicted in the above chart, the price consolidated between $240 and $280 with key support at $240. The support level was tested thrice, but the price bounced back each time. On November 19, the support level was tested for the last time as the buyers took control of the market momentum. The bulls carried the price above $360 but failed to close above the level.

On the technical indicators, the RSI is indicating overbought conditions suggesting a price correcting. On closer inspection, the RSI is heading back to a healthy region, suggesting that the correction has already begun.

The next six hours would determine whether the price action corrects or proceeds with the bullish rally across the mid-term charts.

Bitcoin Cash price prediction: Where is BCH price headed?

Bitcoin Cash price prediction: Price to cross over $400 before retracing 3
Bitcoin Cash price prediction: Price to cross over $400 before retracing

Bitcoin Cash price started the year with strong bullish momentum elevating the price from $203 on January 1 to above $450 in mid-February. The bulls remained firmly in control for the entire January and the better part of February. However, the price met strong resistance near the $500 level and failed to climb above.

Following the rejection, the price declined sharply and fell below $150 by mid-March. The price action found support at the level and bounced back to around the $250 level, where it consolidated for the next four months. At the end of July, the buyers tried to breakout above but failed, and the price declined back to $220, where it again hovered until recently. Now the buyers are making another attempt at initiating a bull rally as the price has crossed above $300, with candles reaching above $350.

On the technical indicators, RSI is currently leaning towards overbought conditions but is yet to suggest an overpriced market. This means that the price has room for upwards movement before the indicator flashes a correction. The MACD, on the other hand, has just crossed over into bullish territory and gives mixed signals as the 12-EMA and the 26 EMA hover close.

Bitcoin Cash has recently conducted another hard fork with the community removing the miner tax from the blockchain’s code. As Bitcoin prices near its all-time high, BCH is likely to follow with its rising trade volume. BCH price can be expected to cross above $400 if the Bitcoin price continues its bullish activity.

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