Bitcoin Cash Price Analysis: Will BCH maintain over $ 100 or slip deeper?
- The Bitcoin Cash price has consolidated at its lowest levels in 2018 and is wavering to gain one of the steady momentum.
- BCH crypto has fallen below the 20, 50, 100 and 200-day daily moving averages.
- The BCH / BTC pair is at 0.004953 BTC with a fall during the day of 1.70%.
According to the daily price chart, the price of bitcoin cash is currently on a downward trend and heading towards lower levels of 2018. To avoid the consolidation stage, the token must gather buyers. In order for the BCH coin to stay above the 2018 bottoms, support must be formed. It also requires help to make an effort to counteract the trend. Investors in BCH monitor the daily price chart in search of a trend reversal and a recovery stage. After consolidating to its lowest levels in 2018, the price of the BCH coin is trying to rise. The coin must be supported by the buyers to register the recovery phase.
Currently valued at $ 102.76, Bitcoin Cash increased 2.10% of market value compared to the day before. However, trading volume fell by 74% during intraday trading. This shows how BCH bears try to build up so that the coin can begin to maintain its negative momentum. Volume at market value is 0.1565.
On the daily price chart, the price of the BCH coin has fallen through several exciting patterns. The cryptocurrency asset has broken through a channel that had been declining before it was settled for a while. After that, BCH bulls tried to exit the consolidation phase, but failed to trade bearish to the 2018 bottoms. To prevent the price of BCH from falling further, more buyers are required.
Will BCH bulls maintain above the $ 100 mark?
To counteract bearish momentum over the daily price chart, the BCH coin price must attract a significant number of buyers. Technical indicators indicate the consolidation phase of the BCH coin.
Relative strength index shows lateral momentum to the BCH coin. The RSI is at 38 and is below neutrality. The MACD shows the consolidation phase of the BCH coin. The MACD line is in front of the signal line with a lower difference. BCH investors must wait for any change of direction in relation to the daily price chart.
Conclusion
According to the daily price chart, the price of bitcoin cash is currently on a downward trend and heading towards lower levels of 2018. To avoid the consolidation stage, the token must gather buyers. In order for the BCH coin to stay above the 2018 bottoms, support must be formed. It also requires help to make an effort to counteract the trend. Investors in BCH monitor the daily price chart in search of a trend reversal and a recovery stage. After that, BCH bulls tried to exit the consolidation phase, but failed to trade bearish to the 2018 bottoms. To prevent the price of BCH from falling further, more buyers are required. Technical indicators indicate the consolidation phase of the BCH coin. BCH investors must wait for any change of direction above the daily price chart.
Technical levels
Support levels: $ 97.00 and $ 95.00
Resistance levels: $ 107 and $ 110
Disclaimer
The views and opinions expressed by the author, or any of the persons mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in cryptocurrencies carries a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge of blockchain helps him provide a unique perspective to his writing
