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- Bitcoin Cash has a hard time maintaining sustainability at the crucial normal level due to the negative market factors.
- The BHC/BTC pair is showing positive performance with the overall profit of 3.38%, bringing the level to 0.03274402
On a 7day-weekly chart, Bitcoin cash took a sharp negative divergence to the crucial normal level. Support price of $170 prevents it from falling further, but after some time, due to the heavy bearish approach, Bitcoin Cash touched the lowest level possible.
The recent heavy downfall is not a good sign. Still prices of cryptocurrency are struggling to maintain their presence above the normal level. The crucial resistance level of $180 is not allowing it to do a climb and giving it a hard time on the normal.
BCH’s current market capital is $ 3,204,488,346 USD with volume traded of $ 2,931,202,741 USD and circulative supply is at $ 18,332,100BCH. There is a positive change of 1.19%in prices.
Bitcoin Cash (BCH) Technical Analysis:
The technical chart shows that bears are taking control of the market. Bitcoin Cash has a hard time due to the down-trending nature of the market. There is a continuous fall in the prices, pushing it deeper and deeper, and that is a major issue.
The technical indicators and oscillators are showing that there is an increase in selling volume.
The MACD levels are facing heavy selling volume due to the bearish nature of the market.
The 24hr-RSI is having a tough time, due to the heavy selling volume. It reached the possible bottom limit of the over selling region. It did take a climb showing that there was some buying trade-in crypto asset, but only reached the bearish level of normal.
The 24hr CCI had a sharp positive divergence to the positive level from the depths of the lowest possible point.
Resistance Level $175
Support level $170
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
