Technical Analysis for BCHUSD for 13th December 2021
Bitcoin Cash Firm; Will BCH Buyers Print Above $500?
Past Performance of BCH
There were fears in early December 2021 when Bitcoin Cash's price tanked 57 percent from its H2 2021 peaks.
While BCH has since recovered, steadying above H2 2021 lows, bulls are not out of the woods yet.
Reading from price action development in the daily chart, BCHUSDT is moving sideways, soaking in selling pressure but still within a bear breakout formation below $600.
What to Expect of BCH
There are encouraging higher highs relative to the lower BB when writing.
Rising in tandem with Bitcoin, buyers may build from recent gains for a leg up.
However, this depends on whether buyers will soak the selling pressure of the better part of early December and stay above $430—the immediate support line.
If BCH buyers drive prices above the consolidation at $500 and later $540—December 4 highs, there might be more headroom for BCH in the days ahead.
Bitcoin Cash Technical Analysis
Despite the BCH price revival of this past weekend, sellers have the upper hand as per the BCHUSDT candlestick arrangement in the daily chart.
Notably, the primary support is $430, while crucial reaction levels to the upside are at $500 and $530.
There is hope for BCH bulls should there be an expansion above December 4 highs, unwinding losses, and disrupting the bear formation, marking the conspicuous bear bar as climactic—the end of bears from mid-November 2021.
On the flip side, BCH may slip to new H2 2021 lows if bulls lose $430. In that case, BCHUSDT may crash to $350—December 4 flash crash's low.
Resistance level to watch: $500
Support level to watch: $430
Disclaimer: Opinions expressed are not investment advice. Do your research.
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