Bitcoin Cash (BCH) Review: Bitcoin Cash Dropping Beneath Bullish Regime

  • Bitcoin cash may crash to $250 as a sharp selling is observed, and it plunged over -21.32% in last 24-hour time frame while trading at $485.25
  • The pair of BCH/BTC is trading at 0.01452 BTC with an intraday loss of -11.08%
Source:tradingview

Bitcoin cash (BTC) after a sharp correction from high of $630, is momentarily trading at $505 with an intraday loss of -21.32%. After a bullish rally Bitcoin cash hits the new 52-week high and faces a strong rejection at the price level of $630. The resistance on higher levels is placed at $640, and $690, and support on the lower side is considered $460 and $400. Despite, a bounce is observed from 50-Exponential Moving Average (EMA) and currently trading near 9-EMA. 

Source:tradingview

Bitcoin cash (BCH) on the daily chart is trading on a bearish note supported by all indicators. However, a sign of recovery is observed as it now manages to sustain above $500. Daily chart support for BCH is placed at $480 and $460, similarly resistance levels at $530 and $560. The volume recorded in the last 24-hour session is $17,455,530,154, jumping over +9.75%, and the total market capitalization stands at $9,106,600,121, which drops by -19.35% in the last 24-hour. BCH over the past seven days, gains over +24.75%. 

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The Relative Strength Index (RSI) indicates a bearish momentum while trading at 41.45, which is placed near oversold territory. Therefore, it can expect a short-term bounce in upcoming trading sessions.  

Moving Average Convergence Divergence (MACD) currently indicates a bearish trend on the daily chart as it gives a negative crossover. The significance of the selling line (red) over buying signal lines (green)is high. However, a positive crossover is expected as both lines are heading closer to each other.

Bollinger Band (BB), BCH is trading near the lower line, however, is now heading towards the baseline and if BCH starts to trade above the baseline, then a bullish movement is expected. 

Support levels: $460 and $400 

Resistance levels: $640 and $690

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Pratik Chadhokarhttp://www.thecoinrepublic.com
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.

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