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Bitcoin Cash [BCH] Price Analysis: Bulls push for short-term consolidation

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Bitcoin Cash [BCH] Price Analysis: Bulls push for consolidation in the short-term
Source: Pixabay

The collective coin market turned green after days of sideways movement, and the sixth largest coin looked to return to the bullish days of February. BCH was pegged down since the start of the month, with Binance Coin [BNB] hot on its tail.

Bitcoin Cash marginally gained against the US dollar by 0.35 percent and was trading at $128.01, at press time. The market cap of the coin stood at $2.27 billion, ahead of BNB by just $140 million.

In terms of exchange dominance, P2PB2B took the top spot, accounting for 10.86 percent of BCH trading volume, in the pair BCH/BTC. Other prominent exchanges were HitBTC and LBank.

1-hour

Source: Trading View

Bitcoin Cash’s one-hour chart showed two sets of downtrends and a single uptrend. Bitcoin Cash dropped from $133.97 to $130.59, and later from $130.74 to $127.9. Following these downtrends, the coin rose back up from $125.95 to $128.28, showing signs of stabilization.

The immediate support level of the coin stood at $125.14. Bitcoin Cash found immediate resistance at $128.30.

The Bollinger Bands pointed to a decline in the coin’s volatility as the price looked to stabilize. The Moving Average line indicated a bearish market.

The Chaikin Money Flow tool indicated a rise in cash inflow into BCH tokens, as the CMF line was above 0.

The Awesome Oscillator indicated an increase in the market’s short-term momentum. However, the concluding bars were red and minor, suggesting bearish activity with low severity.

1-day

Source: Trading View

The one-day chart saw two notable movements in opposite directions. Bitcoin Cash enjoyed an uptrend in February, pushing the price from $128.03 to $152.76. Post the uptrend, the coin dropped from $153.15 to $132.65.

Bitcoin Cash found immediate support at $118.42, which the coin dipped below in early February. The immediate resistance level of the coin stood at $153.

The Parabolic SAR showed a bearish phase for the coin as the dotted markers were above the coin’s trend line.

The Relative Strength Index indicated that investor interest was on a decline, with the RSI dropping from 69.04 to 47.73.

The MACD pointed to a bearish market as the MACD line was below the Signal line.

Conclusion

With low volatility and positive money inflow, the bulls look to bless the BCH market in the short term. In the long-term, the bears still ruled as investor interest was declining, with both the Parabolic SAR and the MACD pointing to incoming bearish activity.

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