Bitcoin Cash Price Prediction for Today, January 9 – BCH Technical Analysis

Bitcoin Cash price prediction is currently experiencing a 2.55% drop in value after being rejected at the $258 resistance level.

Bitcoin Cash Prediction Statistics Data:

• Current Bitcoin Cash Price – $247
• Bitcoin Cash market cap – $4.8 billion
• Bitcoin Cash Circulating Volume – 19.6 billion
• Bitcoin Cash total supply – 19.6 billion
• Bitcoin Cash CoinMarketCap Ranking – 19th

BCH/USD market

Main level:

Resistance levels: $290, $300, $310

Support levels: $215, $205, $195

BCH/USD may continue its sideways movement as the coin crosses below the 9-day and 21-day moving averages. Looking at the daily chart, Bitcoin Cash (BCH) shows that the price is still moving within the channel, but the price may need to pull back a bit before heading to the upside.

Bitcoin Cash Price Prediction: BCH Could Be Heading Downward

Therefore, the Bitcoin Cash price should remain within the 9-day and 21-day moving averages, allowing buyers to fuel the market. They are likely to find resistance levels at $290, $300, and $310. Nevertheless, the resistance level of $258 must be recovered for the uptrend to begin.

However, further declines in the market could hit the nearest support at $240 and further declines towards the lower boundary of the channel could push the market towards support levels of $215, $205 and $195 respectively. Meanwhile, the 9-day moving average is likely to cross the 21-day moving average, suggesting a bullish signal in the near term.

BCH/BTC has the closest support available

Compared to Bitcoin, Bitcoin Cash price is likely to follow a downward trend if the coin stays below its 9- and 21-day moving averages. Meanwhile, the Bitcoin Cash downtrend is likely to drag the price towards the lower limit of the channel, and further downside movement below this barrier could push the coin towards support levels below 430 SAT.

Nonetheless, with the 9-day moving average crossing below the 21-day moving average, all indicators are pointing south, so it looks like weakness is likely to put pressure on the bulls. Meanwhile, if the bulls can regroup and halt the downward movement, Bitcoin Cash price could begin an upward trend and head towards the upper boundary of the channel, and a cross above it could reach the resistance level above 650 SAT.

Alternatives to Bitcoin Cash

Bitcoin Cash price appears to be hovering below the 9-day and 21-day moving averages. The coin could head south if sellers increase the pressure and focus on the nearest support level at $230. Meanwhile, if bulls reopen the market and push the market price above the moving average, BCH/USD could generate further gains that could lead the coin towards the $270 resistance level.

Meanwhile, Bitcoin Cash (BCH) ranks 19th in the cryptocurrency market with a market capitalization of $4.8 billion. However, its significant size may limit its growth potential. Accordingly, traders are showing increasing interest in Bitcoin Minetrix (BTCMTX), a unique alternative to Bitcoin. BTCMTX has generated nearly $8 million during its ongoing pre-sale period, sparking investment discussions and consideration.

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