Bitcoin Cash Price Prediction: BCH Loses Over $200 In Two Devastating Bearish Days
Daily Bitcoin Cash BCH Technical Analysis
- Bitcoin Cash price dropped below the $700, $600, and $500 psychological levels.
- BCH has flipped the 20-day and 50-day SMAs from support to resistance.
Bitcoin Cash price jumped from $400 to $720 in the first two weeks of February. After trending horizontally for around seven days, the BCH price has crashed remarkably in the past two days and is currently hovering below $500.
Bitcoin Cash Price Plummets Below Key Levels
In the last 48 hours, the Bitcoin Cash price has fallen below the $700, $600, and $500 psychological levels, respectively. Due to this drop. The relative strength index (RSI) has now dipped from the edge of the overbought zone to the 42, aka the edge of the oversold zone.
Image: BCH/USD daily
On the downside, there is a healthy support wall at $455, and previously 42,200 address had purchased a million BCH tokens. This level looks robust enough to absorb a lot of selling pressure. BCH has some moderate resistance barriers, upfront.
Over the last two days, the Bitcoin Cash price has flipped the 20-day, 50-day, and 200-day SMAs from support to resistance. Plus, the MACD shows increasing bearish market momentum.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
Bitcoin Cash price is likely going to drop to the $455 support, given current market sentiment.