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- 1 Bitcoin Cash price prediction suggests correction will take a halt soon and prices will bounce back.
- 2 BCH price is trading between the 50-day EMA and the 200-day EMA.
- 3 Bitcoin Cash crypto price fell 17.29% in the previous week.
Bitcoin Cash price prediction remains bullish for the long term till it holds $150.00 support. However, for the short term, prices might trade with a mild bearish bias.
BCH price drops below the 50-day EMA showcasing short-term trend has reversed down. But buyers are still defending the 200-day EMA.
Bitcoin cash price performed well in June month and generated unexpected returns for its investors. The positive momentum halted near $339.00 profit booking begins.
From the beginning of July, Bitcoin cash price has been slowly and steadily declining by forming lower low swings. It eroded 50% of its previous gains and returns back to the breakout level.
The recent downfall in BCH crypto is due to the global sell-off in all over the crypto market.
BCH price broke down the $200 support which hurt the sentiment of investors. However, the price is near to another support at $175.00 which is acting as a savior for the bulls.
Bitcoin Cash price is trading at $193.20 with an intraday rise of 2.28%. The 24-hour volume to market cap is 3.58%.
Will Bitcoin Cash Price be able to defend $150?
Bitcoin Cash price prediction suggests the downfall will halt soon and buyers will return back to track. Presently, the prices seemed to be in a correction phase and sellers had taken control near $200.
Till BCH price sustains above $150.00 and the pullback rally may trigger anytime. If the buyers succeed to break out of the $200 hurdle then prices will again begin the journey to reach $250.
Presently, BCH price is inside the bear grip, and 10% to 15% more downside is possible. The technical analysis suggests that buyers are active at lower levels and downside risk is limited to $150.
BCH price had a high correlation with BTC
BCH price fell 17.29% in the previous week and formed a bearish candle. The crypto leader BTC price is reversing which negatively impacts the prices of other Altcoins.
BCH crypto had a positive correlation of 0.81 with BTC. So, until the BTC recovers the BCH prices are likely to trade with a bearish bias.
Bitcoin Cash prices have corrected 23% in the corrected month. Due to that prices look oversold and might spend some time in narrow range consolidation.
Conclusion
Bitcoin Cash price prediction suggests that correction may halt $150 and a pullback rally is possible. At present sellers are active in BCH crypto and 10% to 15% more downside is possible.
Technical levels
- Resistance levels: $225.00 and $261.00
- Support levels: 175.00 and $150.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
