BCH Price‌ ‌Analysis:‌ Bitcoin cash token near the strong support zone

  • Bitcoin cash token over the monthly chart is trading near its support zone while facing strong rejection of the 20-DMA line.
  • The crypto asset is trading below its vital moving averages of 20, 50, 100, and 200-day moving averages and facing a significant hurdle of the 20-DMA line.
  • The pair of BCH/BTC is trading under pressure at 0.0141 BTC with an intraday loss of -2.72%, and the ratio of BCH/ETH is dealing flat at 0.2387 ETH with a 24-hour change of -0.19%.
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Bitcoin cash token over the monthly chart is trading on a bearish note with no sign of any significant recovery. The coin is presently trading near its strong support or demand zone with a low volume action in the short term.

Bitcoin cash is facing a significant selloff in the past few trading sessions while making lower highs and lower lows patterns. The coin was facing strong rejection of the 20-DMA line and slipped below all vital moving averages. The volume over the monthly chart is recorded and falls below the average line, improving in upcoming trading seasons. Support on the lower side is at $440 and $390, whereas resistance on the higher side is $560 and $650.

Bitcoin cash token is now reaches near its support zone

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Over the weekly chart, the Bitcoin cash token is projecting a bearish trend and now reaches near its support zone. The technical parameters are also near the oversold zone, and a short-term retracement or bounce back is expected. Moreover, the coin is now trading near a strong support zone of $440 and $390, while volume needs to improve. Presently, the coin is trading at $447 with an intraday loss of -5.28%, and the volume to market cap ratio is at 0.14.

Relative Strength Index (oversold): Bitcoin cash token RSI presently indicates a negative or bearish trend over the weekly chart. In contrast, the RSI reaches near oversold zone CMP 30.

Moving Average Convergence Divergence (bearish) currently indicates a sideways or bearish trend on the daily chart. This is because the seller’s line (red) is overpowering the buyer’s signal line (green).

Support levels: $440 and $390

Resistance levels: $560 and $650.

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