BCH Price ‌Analysis:‌ Bitcoin Cash Token Struggling to Hold its 20-SMA line

  • Bitcoin cash token at the monthly chart is trading near the 20-day short-term moving averages and witnessing a minor pullback from the higher side. 
  • The 13th largest crypto asset, according to data from coinmarketcap, is successfully trading above the 50, 100, and 200-day lines while trying to hold its SMA of 20-day.
  • The pair of BCH/BTC is trading on a slight negative at 0.01332 BTC with a minor intraday loss of -2.21%, and the ratio of BCH/ETH is CMP at 0.2021 ETH with an intraday drop of -0.17%.  
tradingview

Bitcoin cash token over the monthly chart is trying to hold its short-term moving average of the 20-day line. The token is still present above all major moving averages of 50, 100, and 200-day lines. The volume in the current scenario is lower and recorded near the average volume line, which needs to improve in upcoming trading sessions. After facing rejection on the higher side, the crypto asset is heading to retest its moving averages.

If the coin can hold its 20-day line, then soon we can see a good rebound. The sustainability below the 20-DMA line will open the door to support levels of 100 and 200-day moving average lines. Support on the lower side is $580 and $490, whereas resistance on the higher side is $720 and $810.

Bitcoin cash token is now reaching its demand zone at 4-hour time frame

https://themarketperiodical.com/
tradingview

Bitcoin cash token at the weekly chart is now reaching its demand zone at the 4-hour time frame. Slight selling from the higher levels pulls the token to the lower side, and the technical parameters also suggest the same. The technical parameters are reaching near the oversold zone, and soon we can see good upside from the demand zone. Presently, the Bitcoin cash coin is trading at $637 with an intraday loss of -5.22%, and the volume to market cap ratio is at 0.2533. 

Relative Strength Index (NEUTRAL): Bitcoin cash token RSI presently indicates an upcoming bullish momentum over the weekly chart. In contrast, the RSI is heading higher after retesting the lower zone and now CMP at 40.    

Moving Average Convergence Divergence (BULLISH): The daily chart indicates an upcoming bullish trend at the 4-hour time frame. The buyer’s signal line (blue) is weaker, while the seller’s line (orange) overpowers it.   


Support levels: $580 and $490

Resistance levels: $720 and $810.


Be the first to comment

Leave a Reply

Your email address will not be published.


*