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Bitcoin Cash [BCH] Price Analysis: Bears return as market correction precipitates decline

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Bitcoin Cash [BCH] Price Analysis: Bears return as market correction initiates decline
Source: Pixabay


Bitcoin Cash [BCH] was pulled down by the bears following two successive cycles of bullish movement. Following the uptrends between 15 -18 March, the bears have returned to keep the sixth largest cryptocurrency company.

At press time, the coin had declined against the US dollar by 3.10 percent, and was trading at $156.12. The market cap of the coin stood at $2.79 billion, behind EOS by $580 million.

LBank took the top spot in terms of global BCH trading volume, accounting for 8.32 percent of the total volume via the trading pair BCH/BTC. Other exchanges with significant BCH trading volumes were ZBG, Huobi Global, and P2PB2B.

1-hour

The one-hour BCH chart showed two prominent uptrends, with the first pulling the price up from $132.26 to $156.58, and the next from $147.84 to $163.64. Between the two uptrends, the coin bowed to market correction forces, and fell from $155.58 to $148.25.

Bitcoin Cash found immediate support at $146.48, which the coin had shot up above. The immediate resistance level stood at $163.76.

The Bollinger Bands indicated reduced volatility as the coin’s price had stabilized, while the Moving Average line pointed to a bearish phase for the coin.

The Chaikin Money Flow tool showed a decrease in the money inflow into BCH tokens, as the CMF line had dipped below 0.

The Awesome Oscillator indicated a decrease in short-term momentum. Further, with the concluding bars turning red, bearish movement was in the offing.

1-day

The one-day chart showed two notable trends, the first from $128.03 to $152.76, and the second from $150.85 to $131.02.

Bitcoin Cash found immediate support at $118.42, with the price at press time soaring above the support level. The immediate resistance level was formed at $160.67.

The Parabolic SAR pointed to a bullish run for the coin, as the dotted markers were below the coin’s trend line.

The MACD also indicated a return of the bulls as the Signal line was below the MACD line.

The Relative Strength Index pointed to a significant increase in investor interest as the RSI had risen from 46 to 70.04, before dropping to 65.93.

Conclusion

The Bitcoin Cash market was buoyed by two successive uptrends, that saw the coin break multiple resistance levels, and register a price of over $160 for the first time in over two months. In the short term, the momentum was down, money flow was negative and the volatility was low.

The long-term indicators gave bullish projections for the coin. However, with market correction imminent, the Bitcoin Cash bears were anticipated to resurface and surge.





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