- Bitcoin Cash price prediction expects a correction to $460.
- Strong resistance currently lies at the $525 mark.
- Strong support currently lies at the $495 mark.
The Bitcoin Cash price prediction by the Trading View analyst Erik Dobra shows that the cryptocurrency’s price will complete the ongoing price correction and fall towards the $460 zone. Per the analyst, this is a crucial move to complete the third wave correction, which should then allow BCH price to rise past the $560 to $600 zone. After observing the price correction on the 19th of January, the Bitcoin Cash price has settled near the $500 level on the 20th of January.
1-Day Bitcoin Cash price analysis
While the king of cryptocurrency Bitcoin BTC observed a price correction on the 19th of January, the altcoin market followed suit. The BTC price corrected itself towards the $35000 mark, whereas the Bitcoin Cash price dropped from the $550 level to the $500 mark. The BCH price seems to have come to a rest near the $500 level after suffering from price fluctuations. The highest price hit by the crypto asset on the 20th of January was $518.34, whereas the cryptocurrency’s price went as low as $492.28 during the day. At the time of writing, Bitcoin Cash is priced at $500.76.
As for the market sentiment, the technicals show a buying condition for Bitcoin Cash, with 14 indicating a buy signal, 10 in the neutral zone, and four in the sell zone. The oscillators stand neutral, with nine in the neutral region, one for the buy signal and one under a sell signal. The moving averages stand in favor of a strong buy with 13 under the buying indication, one in the neutral region, and three under the selling indication.
The midline supports the BCH price across the 1D time frame, while the upper Bollinger band stands at $594. The Bollinger bands have also expanded with the increase in price volatility.
Bitcoin Cash price prediction: What’s next?
Trading View analyst Erik Dobra believes that the BCH price needs a price correction right now. The analyst’s Bitcoin Cash price prediction suggests a fall towards the $460 mark up next.
The analyst highlighted three ascending waves on the chart. The analyst expected a downward breakout of the third ascending wedge pattern played out on the 19th of January during the BTC price correction. Once the cryptocurrency confirms a breakout below the $500 level, the bears will kick in, causing the crypto asset to fall towards the $460 level. This region will be a good buying zone for the BCH/USD traders, and the price will increase towards the $560 to $600 range after that.
Trading View analyst Focus Within expects the BCH price to test the $638 zone up next. The Bitcoin Cash price prediction shows that the cryptocurrency is supported near the $500 mark, and unless the cryptocurrency drops below this support level, the BCH price will test the $638 target, followed by the $800 mark in the long term. If BCH price falls below the $500 mark, it will move towards the $400 level or continue falling bearish below that region. Currently, the 10-Day Exponential Moving Average supports the cryptocurrency’s price trajectory.