Bitcoin Cash(BCH) analysis: Strong Buying in Bitcoin Cash, Volume Pulls Price Levels To Critical Resistance Zone

  • Bitcoin cash price is trading on the bullish note with the rising support line and now placed near the crucial resistance zone of $480 to $520
  • The XRP/BTC pair is trading at 0.01381 BTC with the intraday gain of +4.07% 
Source:tradingview

Buying in Bitcoin cash (BCH) from the support levels of $440 rallied up and is trading near the critical resistance zone of $480 to $520. The digital asset continues uptrend, creating the higher highs and lower lows supported by the rising support line. Currently, Bitcoin Cash is trading above 20,50,100 and 200-Day Moving Averages. The primary support levels on the lower side are placed at $420 and $380. Similarly, on higher side resistance is placed at $520 and $630. BCH has a potential to test high levels of $880 and $1450 with an all-time high of $4355, which is still -88.98% low from the current highs. 

Source:tradingview

Bitcoin Cash is trading at the bearish note on a daily chart while facing the strong support placed at $480. The daily chart support is placed at $440 and $400, which can be considered the best buying zone. Similarly, the resistance on the upper level is placed at $480 and $520. BCH is currently trading at $473.52 with an intraday loss of -2.08%. The volume recorded is $8,249,987,505, which drops over -35.03% in the last 24-hour time frame. Likewise, the market capitalization stands at $8,800,642,569, with a minor drop of -0.89%. 

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The Relative Strength Index (RSI) indicates a bearish momentum while trading at 50.97. In the meantime, it is heading towards the oversold territory.  

Moving Average Convergence Divergence (MACD) currently indicates a bearish trend on the daily chart as it gives a negative crossover with the significance selling line (red) over buying signal line (green) with no sign of recovery. 

Support levels: $420 and $380.

Resistance levels:  $520 and $630

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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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