Bitcoin Cash Price Prediction – June 6
The Bitcoin Cash coin formed a support level at $634 yesterday; currently heading towards the same. The coin trades under selling pressure with no signs of recovery.
Resistance levels: $900, $1000, $1100
Support levels: $400, $300, $200
BCH/USD is currently trading sideways as the price remains below the 9-day and 21-day moving averages As shown on the daily chart, it is imperative that the $700 and $600 lines are necessary for immediate resistance and support levels as the value of the crypto market are shown in ranges. Therefore, a very slight tiny candle is forming towards the immediate support level. However, with regard to the position of the technical indicator, there have been no tangible changes so far as the market may continue to move sideways.
Bitcoin Cash Price Prediction: What is the Next Move for BCH?
Moreover, as the Bitcoin Cash price moves sideways, the bears may be coming back slightly. For now, BCH/USD is currently facing critical support at the $655 level within the descending channel. A break below this barrier is likely to produce a huge red candle to the downside, marking supports at $400, $300, and $200.
Moreover, a bullish step back is likely to roll the market back to $700 resistance with a possible above the 9-day and 21-day moving averages to $900, $1000, and $1100 resistance levels, which could establish a new high for the market. Nevertheless, traders can see that the Relative Strength Index (14) is moving around 40-level due to the indecision in the market.
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When compares with Bitcoin, the performance of BCH has been very low due to indecision in the market movement which is causing the market to move sideways. Meanwhile, if the price falls below the lower boundary of the channel, sellers may continue to pose an additional threat for buyers to reach the support level of 0.017 BTC where the nearest target is located.
However, for a positive upsurge, the coin may cross above the 9-day and 21-day moving averages to hit the resistance levels of 0.023 BTC and above. On the other hand, a negative spike could retest the support at 0.016 BTC before a possible slip to 0.015 BTC and below. More so, the trading volume is fading away as the RSI (14) moves in the same direction, indicating sideways movement.