BCH Price Prediction – February 28
The price of Bitcoin Cash may continue the downward momentum as revealed by the technical indicator RSI (14).
BCH/USD Market
Key Levels:
Resistance levels: $600, $650, $700
Support levels: $300, $250, $200
BCH/USD turns down by following a downward trend within the channel. Meanwhile, the price not staying above $500 ruins the long-term technical picture of the coin. Bitcoin cash will have to hold this ground to guide against the further downward pressure and the closest support expects the coin at $400. Once it is established, the downside may likely grow, with the next goal supporting $300, $250, and $200 levels.
What to Expect from Bitcoin Cash
Currently, the Bitcoin cash is hovering at $440 and trading far below the 9-day and 21-day moving averages. Meanwhile, on the upside, a sustained move above the moving averages may ease the initial downside pressure and create momentum for the bulls with the focus to move the market to the next resistance levels of $600, $650, and $700 respectively.
However, the technical indicator RSI (14) confirms the downtrend as the signal line is moving below 40-level, which indicates that the downward momentum may continue to play out.
Against Bitcoin, for more than seven days, we have seen a quick and steady drop in prices, and the downtrend brought the price to 999 SAT but currently changing hands. The bulls have failed to stop the selling pressure and the resistance in this range is at 1200 SAT and above.
However, we believe that Bitcoin Cash may not be able to maintain its current efficiency and may slowly start to move back from downward trends. Should the bears continue to gain control of the market, BCH/BTC may reach its support level of 850 SAT and below. Meanwhile, the technical indicator RSI (14) is on its way to the oversold zone, which indicates more bearish signals.
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