BCH price remains on a decline amid the persistent risk-off sentiment. Indeed, it has been trading below the psychological level of $500 since earlier in December.
Notably, fear has been the key emotion driving the crypto market since late November. The crypto fear & greed index is currently at an extreme greed level of 25. In comparison, it was at 29 and 28 on Sunday and last week respectively. The lower the figure, the more intense the fear levels in the market.
BCH price prediction
Bitcoin Cash has been trading within a horizontal channel for about one-and-a-half weeks. The range’s upper and lower borders are at 460.78 and 413.99 respectively. Notably, the altcoin has been on a decline since mid-May when it hit a three-year high at 1,639.96. Indeed, it has remained below the crucial resistance level of 800 since late May.
At the time of writing, BCH price was up by 0.5% at 435.09. On a four-hour chart, it is trading along the 25-day EMA and slightly below the 50-day EMA. In the new week, the aforementioned horizontal channel will remain a crucial one for the altcoin.
Past the range’s upper border, the bulls will have an opportunity to retest the psychological level of 500. However, there would need to be enough momentum to push BCH price past the resistance level at 489.65. On the flip side, a move below 400 would probably have the bears retesting December’s low of 367.73.