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Bitcoin Cash

Bitcoin Cash [BCH] Price Analysis: Long-term bears loom as mid-week bulls carry token

The market cap of the collective cryptocurrency market was stable at $135 billion, riding high from an early-week low of $131 billion.

At press time, the coin had gained marginally against the US dollar by 1.29 percent, and was trading at $133.10. The price of Bitcoin Cash [BCH] had petered out after spiking to $135.71, following which the price began to peter out.  Bitcoin Cash posted a market cap of $2.36 billion, with a surging Binance Coin [BNB] behind by just $220 million.

LBank dominates the BCH market, accounting for 13.05 percent of the global BCH volume via the trading pair BCH/BTC. Other exchanges which posted high Bitcoin Cash trading volumes were P2PB2B, HitBTC, and BiteBTC.

1-hour

Source: Trading View

The mid-week uptrend pushed the price from $128.37 to $133.46, and was followed by a market correction which pulled the price from $133.57 to $129.25. Following this roller coaster-like movement, the coin was stable around the $132 mark.

Bitcoin Cash showed an immediate resistance level of 133.46, which the coin touched earlier this week. The immediate support level of the coin stood at $127.15.

The Bollinger Bands showed a massive increase in volatility as the coin’s price shot up, before dropping down within a two-day window. The Moving Average line showed a bullish market.

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

The Awesome Oscillator indicated a rise in short term momentum. However, since the concluding bars were red, a bearish phase for the coin was expected.

1-day

Source: Trading View

Barring one solitary long-term uptrend in February which raised the price from $128.03 to $152.76, the coin was stuck between two downtrends. Prior to the uptrend, the coin’s price dropped from $196.72 to $119.01, following which the coin’s price fell from $150.85 to $130.02.

The coin’s immediate support stood at $118.42, while the immediate resistance for the coin was found at $153.

The Parabolic SAR indicated a bearish market.

The MACD showed a mildly bearish market as the Signal Line was just above the MACD line.

The Relative Strength Index pointed to a drop in the coin’s investor interest as the RSI had dropped from 69.21 to 52.81, since February.

Conclusion

Bitcoin Cash was buoyed by mid-week bulls and managed to sustain its high, with the coin pushing above the $130 mark. In the short-term, the coin was trading on a high as the CMF line pointed to an increase in money inflow and short term momentum looked to rise. In the long-term however, the coin was struggling to get free from the bears’ grasp.

Source .ambcrypto

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