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

  • 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.

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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

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

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Ayush Malviya
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.

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