Bitcoin Cash (BCH) Price Analysis: Bearish Trap Made Prices Weak

processed
Ayush Malviyahttps://www.thecoinrepublic.com/
Ayush Malviya has recently joined as a technical market reporter for Thecoinrepublic- the Leading cryptocurrency news site. He believes that there is a broad scope in Crypto market and blockchain. Thats why he loves to gather knowledge about it and like to analyse the market pattern.
  • BCH maintained a sever fall due to the crucial resistance level, and then instead of maintaining a sustainable climb it started fading and slip down below.
  • BCH prices adopted a negative momentum and currently trading with positive momentum.
  • The BHC/BTC is performing negatively with the loss of -4.63% bringing the level to 0.02881059.

Bitcoin Cash (BCH) prices witness a hard time to achieve the resistance level of $275, even after acquiring a gradual climb from the prices level of $265, BCH prices fail to acquire the strong up and end up adopting the negative trend.

The price level of $250 is providing major support to the BCH prices while they acquired it after suffering the fall.

The resistance line Of $275 is so strong but the current support level is also pushing prices again up in front to resistance level $260.

With the help of their current support level, BCH prices might reach the crucial resistances level of $260 and try to acquire a gradual climb over it.

The  market capitalization of Bitcoin Cash is is$4,703,591,151 USD with volume traded of $5,719,269,278 and circulative supply of 18,394,213BCH.

Bitcoin Cash (BCH) Price Analysis

Advertisement


bch1
Source:tradingview

Bitcoin Cash BCH price attempt to commit an upsurge in today’s market but end up fading with a serious plummet.

From trading up above from the level of $255 to acquire a strong resistance level of $280 lead prices to a strong bearish trap.

The technical indicators and oscillators are showing an increase in buying volume which might lead prices to a positive trade.

The MACD levels are witnessing the trading majorly in the selling volume and buying volume is falling with bears.

The24hr- RSI was trading at the heavy bullish zone above the normal level but it’s going sideways as prices fall down with strong negative momentum.

The 24hr-CCI is trading in the normal region after falling from the heights of the over buying region and then started trading in the flat pattern.

Resistance level: $260

Support level:  $250

Hot News

New York’s Department of Financial Services Released ‘Greenlist’ of Cryptocurrencies

The New York State Department of Financial Services (DFS) has recently released its ‘Greenlist’ of cryptocurrencies. Any licensed entity may use coins on...

Coinbase Effect Pumps Band Protocol (BAND) More Than 40%

The band protocol has seen a 45% rise following its listing on Coinbase pro. Coinbase officially announced that starting from August 10,...

Wall Street’s Interest In Cryptocurrency Could Attract Institutional Investors

The Bitcoin prices have rallied to create new records to hit the year high of $11,000 on August 2, further strengthening to above...

ViaBTC CEO Has Announced His Plans Of Considering a BCH Hardfork, Bitcoin Cat

Haipo Yang has been considering building a new Bitcoin fork that is derived from Bitcoin Cash. As of now he has named it...

BaFin Closes All Unauthorised Crypto ATMs In Germany

BaFin has recently shut down all Bitcoin ATMs across Germany. Few months back BaFin had banned all the unauthorised cryptocurrency ATMs under the...

Dan Morehead, CEO, Pantera Capital, Predicts Bitcoin Markets to Stay Bullish in 2020

Dan Morehead, CEO, Pantera Capital, chanced upon Blockchain, was fascinated by it, and never went back to engineering. Pantera Capital became the first...

Partners

RELATED NEWS

New York’s Department of Financial Services Released ‘Greenlist’ of...

The New York State Department of Financial Services (DFS) has recently released its...

Coinbase Effect Pumps Band Protocol (BAND) More Than 40%

The band protocol has seen a 45% rise following its listing on...

Wall Street’s Interest In Cryptocurrency Could Attract Institutional Investors

The Bitcoin prices have rallied to create new records to hit the year...