bitcoin cash price analysis
Bitcoin cash price has been caged within the horizontal range-bound space over the daily price chart.
BCH crypto is trading at 20 EMA however still below 50,100 and 200-day Daily Moving Average.
The pair of BCH/BTC is at 0.006045 BTC with an intraday gain of 0.19%.
Since Bitcoin, the market’s main dominator, has yet again fallen below the psychological threshold of $20,000 and is presently unsteady at $18,700, the entire cryptocurrency market is experiencing a difficult time. the value of Bitcoin cash, which has dropped to $112 and is presently obstruction at the lower trendline of the consolidation section, isn't any completely different from other cryptocurrencies that are units experiencing constant destiny as Bitcoin (BTC). BCH coin has to attract a lot of buyers because it tries to carry at the consolidation phase’s lower trendline. The token should move forward and avoid short sellers’ grasp.
Currently valued at $118.05, Bitcoin cash has accumulated its market capitalization by 0.15% over the past day. However, trading volume diminished by 3.35% throughout the intraday trading session. This demonstrates that sellers are motivated to drive down the value of BCH coins. The volume to promote cap magnitude ratio is 0.07052.
As the price of the BCH coin sinks to a lower level, bulls hope to carry at this level to assist the token rise back to the consolidation phase. However, the volume change is below average and needs to be raised throughout the intraday trading period. to unleash the token from the grasp of short sellers, BCH bulls must come forward.
Technical Indicators pointing Towards?
The BCH cryptocurrency is troubled to alter the momentum, according to technical indicators. The BCH coin’s consolidation phase is highlighted by the Relative Strength Index, though. The RSI is presently flat at 49 and fights to stay below neutrality. On the MACD, the BCH coin is moving horizontally. The chart is near to showing a shift in direction once the MACD line passes the signal line. BCH investors got to keep an eye fixed on the daily price chart for any changes in trend.
Conclusion
Since Bitcoin, the market’s main dominator, has yet again fallen below the psychological threshold of $20,000 and is currently wobbling at $18,700, the entire cryptocurrency market is experiencing a challenging time. the value of Bitcoin cash, which has dropped to $112 and is presently obstruction at the lower trendline of the consolidation section, isn't any completely different from different cryptocurrencies that area units experiencing constant destiny as Bitcoin (BTC). to unleash the token from the grasp of short sellers, BCH bulls must come forward. Technical Indicator's purpose to the BCH cryptocurrency’s struggle to change the momentum.
Technical Levels
Support Level: $115.00 and $110.00
Resistance Level: $125.00 and $150.00
