BCH Price Analysis: Bitcoin Cash Price May Retest 50-DMA Support if Fails to Hold 20-DMA

  • Bitcoin cash price trying to defend 20-DMA over the monthly chart, and if it fails to holds, we can experience short term sell-off till 50-DMA ($985)
  • The coin is presently trying to hold an SMA of 20-day, but falling volume is indicating caution to investors
  • The pair of BCH/BTC is trading at 0.02574 BTC with minor gains of +1.02%, while BCH/ETH is up by +2.99% CMP at 0.3289 ETH
Source:tradingview

Bitcoin cash price over the monthly chart projects a neutral movement, as the price trying to defend 20-SMA. Meanwhile, volume traction continuously decreasing while creating divergence with price movement. However, the coin must hold 20-DMA, and also volume needs to improve for further positive momentum. Moreover, if BCH fails to hold 20-DMA, we can see a short-term correction to $980 (50-DMA). Support on the lower side is at $1150 and $980; likewise, resistance on the higher side is $1430 and $1640. However, the overall long to medium trend is still in favor of bulls, and soon we can see a rise till $1850 and $2380.

Bitcoin Cash Price Indicates Neutral Momentum

Source:tradingview

After the formation of a double bottom pattern, Bitcoin Cash price is now trading positively on a bullish note. Whereas the technical parameters are in favor of bullish momentum, or a positive pullback is awaited. The coin on a weekly chart can show pullback to $1350 and $1420, while support is at $1150 and $1030. Similarly, resistance is at $1360 and $1450. The coin is trading at $1266 with intraday gains of $2.64%, while volume dropped by -5.86%, standing at $5,022,480,202. Meanwhile, the total market capitalization remains at 10th position, standing at $23,663,626,640, up by +2.34%

Relative Strength Index (NEUTRAL) indicates neutral momentum while trading at 47.62. However, after making a double bottom, BCH trades on a bullish note and reflecting a positive pullback.

Moving Average Convergence Divergence (NEUTRAL) currently indicates a neutral trend on the weekly chart. It is trading with no clear momentum, and the buyer’s signal line (green) and the seller’s line (red) overlap each other.

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