TL;DR Breakdown
- Bitcoin Cash price currently $264.15
- Price action is bullish on the short-term charts but bearish on mid-term charts.
- Price can be expected to continue downwards movement before finding a strong support level.
Bitcoin Cash price prediction: Today’s price overview
Bitcoin Cash price opened at $271.68 with slight bullish momentum on the short-term charts. The price rose to a high of $279 but failed to close above the $280 price level and was rejected. The price continued moving in a declining motion until it reached a support level. Currently, the price is hovering at $264.15, showing a 2.74 percent decline from the day’s opening price.
Bitcoin Cash price across the last 24 hours
Bitcoin Cash price started the day with slight bullish momentum that died after raising the price briefly. The price action was rejected from $279, and the markets have been dominated by a bearish presence since then.
The buyers tried to defend multiple support levels as indicated by the green arrows, but the momentum died soon, and the price continued declining. Currently, the buyers are holding the support level at $256.0, and movement seems to have become bullish since then.
On the technical indicators, the NACD shows the declining bullish activity as the two EMAs converge. On the other hand, the RSI remains neutral and does not issue any signals. Traders can expect the price to rise in the short term as the buyers seem in control. The price action is expected to move upwards if price breaches $265 resistance. Further upwards resistance levels lie at $268 and $275.
BCH USD November chart
BCH price started the month at $262.40 as the buyers and bulls struggled for control. The bulls were exhausted, and the price fell to $230.00 before finding a support level to initiate a bullish reversal. Buyers carried the price above the $260 level but failed to continue charging. The buyers made attempts at crossing the $280 resistance level to no avail.
Following the rejection, the price declined to $243 and continued consolidating between $243 and $266 for the next ten days as both the buyers and the sellers failed to gather enough momentum to start a rally. The channel’s support level was tested thrice, but buyers held on.
On November 20, the buyers initiated a bull rally that carried the price above $360; however, the price failed to maintain support at the level, and the price started declining. Currently, the price has found support at $255 but hovers close.
On the technical indicators, the MACD remains in the bearish territory, but it seems to be turning bullish. The reversal started when the price found support at $255 and enabled bulls to fight back. Meanwhile, the RSI is neutral but hovers close to the oversold region. The indicator suggests that there is still room for further downwards movement before the asset becomes underpriced.
Traders can expect the price to continue consolidating in the current price range. However, as the market sentiment remains optimistic, the bulls are likely to initiate a trend reversal. If buyers hold the current support level the price will consolidate until December before a bullish breakout occurs.
