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Bitcoin Cash [BCH] Price Analysis: Bears edge down as token sustains bullish high

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Bitcoin Cash [BCH] Price Analysis: Bears edge down as token sustains Bullish high
Source: Pixabay


After surging past $160, Bitcoin Cash [BCH] declined in price, but not to the pre-March 15 levels when the coin saw a massive 18 percent hike against the dollar. Following the second hike on March 18, the coin has been trading in the mild red-zone, with a recent push into the green.

At press time, Bitcoin Cash had edged up the US dollar by a meager 1.15 percent in a 24-hour window. The coin was trading at $158.1, with a market cap of $2.83 billion, trailing EOS by over $530 million.

ZBG takes the maximum BCH trade volume, holding 7.31 percent of the global volume in the trading pair BCHABC/USDT. Following ZBG were P2PB2B, HitBTC, and LBank.

1-hour:

Source: Trading View

The one-hour chart showed two successive downtrends following the recent hikes. The first dropped the price from $163.95 to $159.19, and the second, from $159.53 to $156.42.

Bitcoin Cash found immediate support at $154.83, which the coin was trading below prior to March 15. The immediate resistance level of the coin stood at $159.81.

The Bollinger Bands pointed to decreasing price volatility as the price movement stabilized, while the Moving Average line indicated a bullish swing.

The Chaikin Money Flow tool showed an increase in the money inflow into BCH tokens as the CMF line was above 0.

The Awesome Oscillator showed a minimal increase in the short-term market momentum, but the concluding bars looked were red, indicating an upcoming bearish movement.

1-day:

Source: Trading View

The one-day showed three prominent green candlesticks, owing to the recent uptrend which pushed up the price from $132.55 to $162.32. Prior to the uptrend, the coin’s price was dragged down from $152.81 to $131.01.

Bitcoin Cash found immediate support at $122.41, while the immediate resistance level for the coin, in the long-term, stood at $160.49, which the coin broke recently.

The Parabolic SAR indicated a bullish market, owing to the three aforementioned green candlesticks.

The MACD continued projecting bullish signs as the MACD line pushed above the Signal line.

The Relative Strength Index showed a significant increase in investor interest as the RSI shot up from 46.47 to over 70 and at press time, was at 67.46.

Conclusion:

Bitcoin Cash has managed to hold on to the bulls that struck twice over the past week. The coin edged below the $160 mark, but was still hovering close at the $158 mark and was looking to maintain the price level.

In the short-term, volatility is stable while the money inflow is positive and short-term momentum is high. The long-term chart also showed a bullish movement for the coin, with a mild decline in the investor interest, which should not worry BCH proponents.





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