Bitcoin Cash Price Analysis: High Time For BCH To Break Out Of This Range!

  • Bitcoin Cash price has been caged within the horizontal range area on the daily price chart.
  • BCH crypto is trading at 20 EMA but still below the daily moving average of 50, 100 and 200 days.
  • The BCH/BTC pair is at 0.006045 BTC with an intraday gain of 0.19%.

With Bitcoin, the major market dominator, once again dipping below the psychological threshold of $20,000 and currently teetering at $18,700, the entire cryptocurrency market is experiencing a tough time. The price of Bitcoin Cash, which has dropped to $112 and is currently stalling at the lower trend line of the consolidation phase, is no different from other cryptocurrencies that are experiencing the same fate as Bitcoin (BTC). The BCH coin needs to attract more buyers as it tries to hold onto the lower trend line of the consolidation phase. The token must advance and avoid the grab of short sellers.

Currently valued at $118.05, Bitcoin Cash has increased its market capitalization by 0.15% over the last day. However, the trading volume decreased by 3.35% during the intraday trading session. This shows that the sellers are motivated to drive down the price of the BCH coin. The volume to market capitalization ratio is 0.07052.

As the price of the BCH coin sinks to a lower level, the bulls are hoping to hold at the current level to help the token return to the consolidation phase. However, the volume change is below average and should be increased during the intraday trading period. In order to release the token from the reach of short sellers, BCH bulls must come forward.

Technical indicators pointing towards?

The BCH cryptocurrency is struggling to reverse momentum, according to technical indicators. However, the consolidation phase of the BCH coin is highlighted by the relative strength index. The RSI is currently flat at 49 and struggling to stay below neutral. On the MACD, the BCH coin moves horizontally. The chart is about to show a change in direction when the MACD line passes the signal line. BCH investors should keep an eye on the daily price chart to spot any changes in trend.

conclusion

With Bitcoin, the major market dominator, once again dipping below the psychological threshold of $20,000 and currently teetering at $18,700, the entire cryptocurrency market is experiencing a tough time. The price of Bitcoin Cash, which has dropped to $112 and is currently stalling at the lower trend line of the consolidation phase, is no different from other cryptocurrencies that are experiencing the same fate as Bitcoin (BTC). In order to release the token from the reach of short sellers, BCH bulls must come forward. Technical indicators point to the BCH cryptocurrency struggling to turn momentum.

Technical Levels

Support level: $115.00 and $110.00

Resistance Level: $125.00 and $150.00

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational ideas only and do not constitute financial, investment or other advice. Investing or trading in crypto assets carries a risk of financial loss.

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