BCH Price Analysis: Bitcoin Cash Price Can Test $820 Mark, If Fails to Hold 50-DMA

  • Bitcoin cash price reaches near the vital support level of 50-DMA, and if it breaks, then more selloff can experience till $820 (100-DMA) 
  • The coin is trailing near the critical support and facing minor resistance of 20-DMA while still sustaining above 50, 100 and 200-DMA
  • The pair of BCH/BTC is trailing with a minor loss of -0.11%, which is standing at 0.02494 BTC; similarly, BCH/ETH is CMP at 0.3213 ETH falls -3.19%
Source:tradingview

Bitcoin cash price over the monthly chart is now trading at make or break levels, whereas 50-DMA is a crucial level to watch. The coin is facing a significant downtrend and has built a falling channel pattern. While also falls below the short-term moving averages (MA) of 20-day and volume traction also seems lower. However, BCH can face more selling pressure if it falls below 50-DMA ($980), where we can see levels of $940 and $820. Since the overall long-term trend is still favoring bulls, BCH sustains above 50, 100, and 200-DMA. Support on the lower side is $980 and $870; likewise, resistance is $1370 and $1640. 

Weekly Chart Highlights Bearish Momentum

https://themarketperiodical.com/
Source: tradingview

Over the weekly chart, Bitcoin cash highlights bearish momentum, as it is trading under the falling channel pattern. At a 4-hour time frame, BCH is trading near the psychology level of $1016. while the short-term trend is in favor of bears. Presently, BCH price deals at $1004 with intraday loss of -11.26%; similarly, volume falls over -31.56% standing at $4,600,340,478. Whereas the total market capitalization remains at 10th position stands at $18,910,240,430. The important support level to watch $980, and if it breaks, more selloff can be expected. 

Relative Strength Index (BEARISH) indicates bearish momentum while trading at 37.62. However, BCH is trading near the oversold zone, and soon a positive pullback or momentum can be expected if it holds 50-DMA. 

Moving Average Convergence Divergence (BEARISH) currently indicates a bearish trend on the daily chart. It is trading with the significance of the seller’s line (red) over the buyer’s signal line (green). While both the lines are overlapping each other and no clear momentum is seen.  

Support levels: $980 and $870 


Resistance levels: $1370 and $1640 

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