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Bitcoin Cash [BCH] Price Analysis: Bulls sustain uptrend as bears loom large over the coin

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Bitcoin Cash [BCH] Price Analysis: Bulls sustain uptrend as bears loom large over the coin
Source: Pixabay

The collective cryptocurrency market is still riding the bull wave that pushed the market cap to the $135-billion mark. Bitcoin Cash [BCH] managed to breach the $140 mark during the bull rise and managed to sustain itself.

At press time, Bitcoin Cash was up by 0.55 percent against the US dollar over the past 24 hours and was priced at $144.10. The market cap of the coin stood at $2.53 billion, still over $440 million behind Litecoin [LTC].

The highest trading volume for the BTC hard fork came from P2PB2B via the trading pairs, BCH/BTC, BCH/USD, and BCH/ETH.

1-hour

Source: Trading View

Bitcoin Cash showed a significant green candlestick in the one-hour price chart, but an overwhelming downtrend overshadowed it. The aforementioned downtrend extended from 198.22 to $131.33.

The coin found immediate resistance at $146.48. BCH poses an immediate support level of $108.55, which the coin last dipped close to at the close of January.

The Bollinger Bands point to a decrease in the coin’s volatility as the mouth of the bands is closing up. The Moving Average line points to a bearish turn.

The Awesome Oscillator showed that the coin was trading above 0. However, since its concluding bars were red, a bearish run may be expected.

The Relative Strength Index showed a decrease in investor interest as the RSI fell from 58.11 to its current valuation of 46.89.

1-day

Source: TradingView

The one-day price chart for Bitcoin Cash showed that the coin managed to ride the bullish wave, despite the fear of market correction. Apart from a mild downtrend pulling the price from $144.85 to $141.11, the coin has been trading steadily.

Bitcoin Cash found immediate support at $138.93, a level that holds since 19 February. The coin found immediate resistance at $144.50, which the coin is just trading below.

The Parabolic SAR indicates that the coin is enjoying a bullish swing, as the dotted lines are aligned below the coin’s trend line.

The Chaikin Money Flow tool shows that the inflow of money into the coin has risen marginally as the CMF line is hovering just above 0.

The Fisher Transform Line points to a recent crossover between the two lines, with the bullish Fisher Line edging over the Trigger line.

Conclusion

The bullish wave that pushed the market up earlier this week was not expected to last, but Bitcoin Cash managed to sustain the same and stay above the $2 billion mark. In the short term, indicators such as the SAR, CMF and the Fisher Transform line project a bullish coin in the short-term. However, in the long run, the coin is likely to see a steady decline in price and investor interest, with a drop in volatility.

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