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Bitcoin Cash Price Analysis: BCH Loses $25 In Valuation So Far This Tuesday

Last Updated December 29th 2020

Daily Bitcoin Cash BCH Price Forecast

  • BCH bears have taken control following five straight bullish days.
  • BCH has broken below key support at $350.

Bitcoin Cash has had a shocker of a day so far this Tuesday. The Bitcoin fork has crashed from $360 to $335, losing nearly $25 in valuation. Having broken below two critical support levels, it looks like there could be a further drop in BCH cards.

 

BCH Crashes Below Key Levels

Bitcoin Cash faced strong rejection at the $360 psychological level as the buyers ran out of steam following five consecutive bullish days. During Tuesday morning’s bearish rally, the price easily managed to break below the $350 support, which has historically proved itself to be a strong barrier for the price.

bch/usd daily chart 122920

Image: BCH/USD daily chart

The 4-hour price shows us that a further drop is on the cards. Firstly, the BCH has managed to flip the 20-bar SMA from support to resistance. Secondly, the moving average convergence/divergence has wholly reversed from bullish to bearish. Another interesting thing to note is that this is the first time the 4-hour chart has had five straight red candlesticks since December 1, 2020.

bch/usd 4-hour chart 122920

Image: BCH/USD 4-hour chart

Overall, it looks like the present sentiment is very bearish.

 

Key Price Levels To Watch For BCH

Now that the price has broken below the $350 psychological level, the next downside target lies in the 50-bar SMA of the 4-hour chart at $320. If BCH breaks below that, the next support lies at $300 (20-day SMA). If this doesn’t hold, it could get catastrophic for the bulls since the next viable support barrier lies down at the 200-day SMA ($260).

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