BCH Price Analysis – March 12
Since the past few days, BCH/USD swings in the strong selling zone and has no grounded support from the short-term moving averages.
Resistance levels: $320, $340, $360
Support levels: $178, $158, $138
Since the beginning of last month, most of the major coins of the crypto market have been recording losses for quite some time now. Similarly, the BCH/USD price is crashing down even harder below the 9-day and 21-day moving averages as it currently trades at $243.55. The price trend of BCH coin is having more inversely trading red candles leading to loss-making investments. Meanwhile, analyzing the daily movement of BCH/USD for the past few weeks, we see that the coin has started the month by trading at $303.78, after which it recorded only one high.
More so, BCH/USD was unable to hold the volatility; the downtrend led the coin to trade at $243.55, recording a fall of 8.82% from the monthly high price mark of $351.80. However, if BCH/USD drops below the current price, it could slump to the support levels of $178, $158 and $138, bringing the price to a new monthly low. Meanwhile, a strong buying pressure may push the price to $320, $340 and $360 resistance levels. The RSI of the coin faces the oversold zone, suggesting more negative results.
When compared with Bitcoin, the performance of BCH has been very low due to a recurring bearish sentiment which has caused the market to fall drastically. As the price falls, sellers are posing an additional threat for buyers to reach the support level of 0.0320 BTC where the nearest target is located. However, an eventual break below the lower side of the channel may cause the coin to collapse more.
However, for a positive upsurge, the 0.0380 BTC and 0.0400 BTC are the major resistance levels for the coin for now. Therefore, a negative spike could retest the important support at the 0.0280 BTC before a possible slip to 0.0250 BTC and beyond. The stochastic RSI is entering into the oversold zone, waiting for buying pressure when the indicator faces up.
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