Bitcoin Cash Price Analysis: BCH Finally trying for a Rebound amid the Bloodbath or is it a Mirage?

  • Bitcoin Cash price is trying to reverse the momentum at the lower trendline of the consolidation phase.
  • BCH crypto is currently trading below 20, 50, 100, and 200-day Daily Moving averages.
  • The pair of BCH/BTC is at 0.006006 BTC with an intraday drop of 4.12%.

The whole Cryptocurrency market is witnessing a tough time as Bitcoin, the greatest dominator of the market, again slumps below the $20,000 psychological level and it currently falters at $18,700. Following BTC all other altcoins are also facing bad consequences, just like Bitcoin Cash‘s price has dropped down to $112 and now falters at the lower trendline of the consolidation phase. BCH crypto must attract more buyers as it is trying to sustain at the lower trendline of the consolidation phase. The token must move forward and must avoid remaining in the short-sellers clutch.

Bitcoin Cash’s price is presently approximated at $112.59 and has lost 9.85% of its market capitalization in the last 24-hour period. However, trading volume increased by 8.03% in the intraday trading session. This demonstrates that buyers are getting attracted to the trade for BCH crypto. The volume to market cap ratio is 0.1413.

BCH coin price falters at the lower level but bulls are trying to sustain at the current level to help the token surge back inside the consolidation phase. However, volume change can be seen below average and needs to increase during the intraday trading session. BCH bulls must come forward for the rescue of the token from the short-sellers clutch. Meanwhile, BCH crypto is currently trading below the 20, 50, 100, and 200-day Daily Moving Average.

Will BCH Bulls Sustain or Get Detained?          

Technical Indicators suggest the struggle of BCH crypto to reverse the momentum. However, the Relative Strength Index showcases the consolidation phase of the BCH coin. RSI is at 41 and struggles below neutrality as it is flat at the moment. MACD exhibits the sideways momentum of the BCH coin. The MACD line is overlapping the signal line as it is about to signal any directional change over the chart. BCH investors need to wait for any directional change over the daily price chart. 

Conclusion  

The whole Cryptocurrency market is witnessing a tough time as Bitcoin, the greatest dominator of the market, again slumps below the $20,000 psychological level and it currently falters at $18,700. Following BTC all other altcoins are also facing bad consequences, just like Bitcoin Cash’s price has dropped down to $112 and now falters at the lower trendline of the consolidation phase. However, volume change can be seen below average and needs to increase during the intraday trading session. BCH bulls must come forward for the rescue of the token from the short-sellers clutch. The MACD line is overlapping the signal line as it is about to signal any directional change over the chart. BCH investors need to wait for any directional change over the daily price chart. 

Technical Levels

Support Level: $110.00 and $100.00

Resistance Level: $130.00 and $150.00

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.     


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