Is Bitcoin Cash Getting Ready For The Next Lap of Bullish Momentum?

  • Bitcoin Cash at the monthly chart is trading near the primary support zone after facing selling pressure on the higher side.
  • The crypto asset is trying to maintain above the 50, 100, and 200-day moving average lines while fails to hold its 20-day DMA line. 
  • The pair of BCH/BTC is trading on a positive note at 0.01348 BTC with an intraday gain of +0.55%, and the ratio of BCH/ETH is CMP at 0.1879 ETH with a significant intraday loss of -6.67%. 

Bitcoin cash is trading just above the major moving averages after witnessing a strong buying from the lower levels. However, the coin is heading lower from the higher levels and now reaches near the support zone. Volume on the chart continuously decreases and falls below the average line, which needs to improve for a bullish reversal rally.

The traders or investors have to keep an eye on the support lines. If breaches, then we can expect some downside. Whereas, if the coin manages to sustain above its 50, 100, and 200-day lines with positive volume action will push more buyers. Support on the lower side is $580 and $490, whereas resistance on the higher side is $720 and $810.

Bitcoin cash at the weekly chart is sideways Trend

Bitcoin cash at the weekly chart is sideways, whereas the technical parameters are also projecting mixed signals. The coin is continuously taking support of the lower support zone, and if the coin manages to hold, we can witness intense buying action. The technical parameters are also favoring sideways motion at the 4-hour time frame with average volume action. Presently, the Bitcoin Cash is trading at $637 with a flat intraday action of +0.02%, and the volume to market cap ratio is at 0.2627. 

Relative Strength Index (NEUTRAL): Bitcoin cash RSI presently indicates a sideways trend after consolidation over the weekly chart. In contrast, the RSI trades at the neutral zone while heading towards the oversold area and now CMP at 47.    

Moving Average Convergence Divergence (MIXED): The daily chart indicates a mixed trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) and the seller’s line (red) overlaps.   

Support levels: $580 and $490

Resistance levels: $720 and $810.

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