Bitcoin Cash Price Prediction for Today, December 6: BCH may trend lower

Sellers’ momentum could boost the Bitcoin Cash market

Bitcoin Cash (BCHUSD) Price Analysis – December 6

In case the bears increase the pressure, the $107 support level will be broken and Bitcoin Cash will make its lows at the $96 and $89 support levels. If the $107 support level holds the price, the price may find resistance at $111, $118 and $129.

BCH/USD market

Key Levels:

Resistance zone: $111, $118, $129

Support zone: $107, $96, $89

BCH/USD Price Long-term trend: Bearish

BCH/USD continues its bearish trend on the long-term outlook. The cryptocurrency was bearish last week as it broke the $111 downside support level with strong Japanese bearish candles. The buyers are countering the sellers with strong bullish momentum and this led to the formation of a bearish symmetrical triangle on the daily chart. There is a possibility of a breakdown of the lower trend line.

At the moment, the bearish symmetrical triangle is formed, an indication that the bearish trend may continue. The coin is between the 21-day EMA and the 9-day EMA with the former below the latter which is an indication of bearish pressure and also shows that the downtrend continues. However, the relative strength index period 14 does not show a specific direction indicating low bullish and bearish momentum. In case the bears increase the pressure, the $107 support level will be broken and BCH will have its lows at the $96 and $89 support levels. If the $107 support level holds the price, the price may find resistance at $111, $118 and $129.

Medium-term Trend: Ranking

BCH is on the 4-hour chart. BCH price consolidated in the resistance zone of $111 at the moment. The bulls failed to push the coin northward due to the low momentum combined with the resistance of the 21-day EMA and the bears’ momentum is equally low and unable to push the price below the $107 level.

The bearish trend can continue as long as the coin breaks down the trend line of the symmetrical triangle. The price trades around the 21-day EMA and the 9-day EMA with the two EMAs locked together. The relative strength index period 14 is at the 49 level and is pointing up to indicate a buy signal. There is a low momentum for Bulls and Bears in the Bitcoin Cash market, but a strong bullish momentum is in the IMPT market.

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