Connect with us

Analysis

Bitcoin Cash [BCH] Price Analysis: Bulls sustain momentum as bears go into hiding

Avatar

Published

on

Bitcoin Cash [BCH] Price Analysis: Bulls maintain BCH high as Bears nowhere to be found
Source: Pixabay


The Bitcoin Cash [BCH] rise persisted through the close of the previous week, with market correction forces failing to drag the coin below the $160 mark. After breaking multiple resistance levels, BCH was expecting to close the month on a high.

At press time, the coin had gained against the US dollar by 1.04 percent. The coin was trading at $165.42, with a market cap of $2.94 billion.

P2PB2B took the top spot in terms of global BCH volume, accounting for 8.51 percent via the trading pair BCH/BTC. Other prominent exchanges on the list were ZBG, HitBTC, and Huobi Global.

1-hour

Source: TradingView

The one-hour chart pictured a massive uptrend, which pushed the coin’s value from $152.22 to $168.12. Following this rise, the coin dropped to the aforementioned high of $164.16.

Bitcoin Cash found immediate support at $160.51, while the coin’s immediate resistance level stood at $168.36.

The Bollinger Bands showed declining volatility, while the Moving Average line indicated a bullish market.

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

The Awesome Oscillator showed an insignificant increase in short term momentum, indicating that any bullish activity will be mild.

1-day

Source: Trading View

Despite the overwhelming bearish trend of the one-day chart, the coin’s recent green candlesticks showed positive signs. The February downtrend shaved the coin’s price from $152.66 to $129.83. Following the same, the coin’s price shot up from $128.15 to $158.37, and then to $166.22.

Bitcoin Cash found immediate resistance at $165.75, which the coin was close to breaking. The long-term support stood at $121.78.

The Parabolic SAR indicated a bullish market as the dotted lines were below the coin’s trend line.

The MACD showed bullish tendencies as the signal line surged above the MACD line.

The Relative Strength Index showed an increase in investor interest as the RSI had shot up from 61.30 to a high of 68.36, before falling to 67.21 at press time.

Conclusion

Bitcoin Cash resisted the bears and their market correction forces. In the short term, volatility was low as the coin gained against the US Dollar. In the long term, the coin’s overarching bearish trend was subdued as investor interest rose while the indicators suggested a bullish market for the coin.





Subscribe to AMBCrypto’s Newsletter


Ads

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement