Connect with us

Analysis

Bitcoin Cash Price Analysis: 30 April

Published

on

Source: Pixabay

Disclaimer: The findings of the following article are the sole opinions of the writer and should not be taken as investment advice

The Bitcoin Cash [BCH] market noted two huge price drops in April. As the digital asset rallied to a peak of $1,219, a correction set in and dragged the value close to the support at $857. However, as the price recovered, it was hit by another bearish attack that pushed the price to another support level at $754.

After a brief period of consolidation, BCH was back trading at $934, at the time of press.

Bitcoin Cash [BCH] 

Source: BCHUSD on TradingView

BCH’s 4-hour chart traced its journey in April and noted that the price was once again close to the resistance at $1,005. As the market pointed to strong bullish support, BCH may be able to re-visit the said resistance level.

Reasoning

After BCH recovered from the crash to $754, the volatility in the market also increased. However, it later reduced once consolidation began. As the price was once again witnessing an upwards push, the Bollinger Bands were diverging to underline the rise in volatility in the market. This rising price action could help push the price as close as $1,005.

The hike in buying pressure could be visible as the Relative strength index climbed to 64, close to the overbought zone. This value denoted that the buying pressure had increased as compared to the selling pressure, at press time. However, BCH had not yet hit the overbought zone.

Meanwhile, market momentum was gradually rising at the bull’s end, affirming the rising trend across the market.

Crucial levels to watch out for

Entry-level: $950
Take Profit: $1,022.09
Stop-level: $902.86
Risk to Reward: 1.49

Conclusion

If the trend sustains itself, the price of Bitcoin Cash [BCH] could hit the resistance level of $1,005. However, given its strong correlation with Bitcoin and Ethereum, it will be a long-term process as the market still projected strength.

Where to Invest?

Subscribe to our newsletter

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.