Bitcoin Cash Price Analysis: It’s High Time For BCH To Escape This Area!
- The Bitcoin Cash price has been contained within the horizontal range bounded area above the daily price chart.
- BCH crypto is trading at the 20 EMA, but still below the 50, 100 and 200-day daily moving averages.
- The BCH/BTC pair is at 0.006045 BTC with an intraday gain of 0.19%.
Since Bitcoin, the main dominator of the market, has once again fallen below the psychological threshold of $20,000 and is currently hovering at $18,700, the entire cryptocurrency market is experiencing a challenging time. The price of Bitcoin Cash, which has fallen to $112 and currently stops at the lower trendline in the consolidation phase, is no different from other other cryptocurrencies that are experiencing the same fate as Bitcoin (BTC). The BCH coin needs to attract more buyers as it tries to hold on the lower trendline of the consolidation phase. The token must move forward and avoid the grip of short sellers.
Currently valued at $118.05, Bitcoin Cash has increased its market value by 0.15% in the last day. However, trading volume fell by 3.35% during the intraday trade. This shows that sellers are motivated to reduce the price of BCH coins. Volume to market value is 0.07052.
As the price of the BCH coin drops to a lower level, bulls are hoping to stay at the current level to help the token rise back to the consolidation phase. However, the volume change is below average and must be raised during the intraday trading period. To free the token from the grip of short sellers, BCH bulls must emerge.
Technical indicators pointing towards?
The BCH cryptocurrency is struggling to change its momentum, according to technical indicators. However, the BCH coin’s consolidation phase is highlighted by the Relative Strength Index. The RSI is currently flat at 49 and struggling to stay below neutral. On MACD, BCH coin is moving horizontally. The chart is about to show a change in direction when the MACD line crosses the signal line. BCH investors need to keep an eye on the daily price chart for any trend changes.
Conclusion
Since Bitcoin, the main dominator of the market, has once again fallen below the psychological threshold of $20,000 and is currently hovering at $18,700, the entire cryptocurrency market is experiencing a challenging time. The price of Bitcoin Cash, which has fallen to $112 and currently stops at the lower trendline in the consolidation phase, is no different from other other cryptocurrencies that are experiencing the same fate as Bitcoin (BTC). To free the token from the grip of short sellers, BCH bulls must emerge. Technical indicators point to the BCH cryptocurrency’s struggle to change its momentum.
Technical levels
Support level: $115.00 and $110.00
Resistance level: $125.00 and $150.00
Disclaimer
The views and opinions expressed by the author or any person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
