- Bitcoin cash crypto heading higher over the monthly chart, after rebounding from the major moving averages (MA) lines
- The crypto asset over chart is placed above all vital moving averages of 20, 50, 100 and 200-day lines, whereas 50, 100 and 200-DMA lines act as a crucial support line.
- The pair of BCH/BTC is trading on a bullish note at 0.01396 BTC with an intraday gain of +8.21%, and the ratio of BCH/ETH is CMP at 0.2114 ETH with an intraday increment of +8.67%.
The 13th largest crypto asset, Bitcoin cash crypto, rebounds successfully after testing its major moving averages. The smart recovery from the lower levels pumps the coin above all DMA lines, but the recent selloff pulls the token towards the lower side. However, the rebound from the vital moving averages signifies bulls’ entry as the token respected its support levels.
Currently, the coin is trading above all vital moving averages of 20, 50, 100 and 200-day lines. The volume is not supportive in the current scenario and needs to improve for another lap of bullish momentum. If the coin sustains above the vital moving averages, we can soon see a good rebound in upcoming sessions. Support on the lower side is $580 and $490, whereas resistance on the higher side is $720 and $810.
Bitcoin cash crypto is trading on a Bullish note recent buying action
At the weekly time frame, Bitcoin cash crypto is trading on a slightly bullish note, while recent buying action built a bullish engulfing candle. The technical parameters are also favouring bulls at the 4-hour time frame with average volume action. Presently, the Bitcoin cash crypto is trading at $678 with an intraday gain of +8.42%, and the volume to market cap ratio is at 0.2602.
Relative Strength Index (NEUTRAL): Bitcoin cash crypto RSI presently indicates a sideways trend after a strong bullish momentum over the weekly chart. In contrast, the RSI is trading at the neutral zone after recovering from the oversold levels and now CMP at 63.
Moving Average Convergence Divergence (BULLISH): The daily chart indicates a positive trend at the 4-hour time frame. After a positive crossover, the buyer’s signal line (green) is overpowering the seller’s line (red), with no sign of weakness.
Support levels: $580 and $490
Resistance levels: $720 and $810.