- Bitcoin Cash Value performs in negative momentum in Friday’s trading session
- Bitcoin Cash Value is currently at $425.96, which is down by 7.42% in last the 24 hours and 15.84% down from the previous week
- BCH/BTC pair also performs negative with a loss of 0.10% in Friday’s trading session (0.013556)
Bitcoin Cash Value had negative momentum on the weekly chart and went up to $629.80 on January 10, 2021, by breaking above the resistance zones created in the past. BCH price set up a mark of 52-weeks high with the help of overall market conditions. The BCH/ETH pair is in a downtrend with a value of 3.56% in Friday’s trading session (0.3626).
Bitcoin Cash Technical Chart Indicates Bearish Behaviour
The daily technical chart of Bitcoin Cash value highlights a negative trend due to overall market conditions on Friday’s trading session. The price is currently sitting at $428.55, with a resistance zone of $494.39, following the support zone of $391.10. On diving into the weekly chart of a 30-minute time frame, it formed a three outside down candlestick pattern. Indicating a sell signal in the coin.
If we look at 20 & 50 days, the exponential moving average (EMA), 20 EMA (blue line) is at $461.05, and 50 EMA (purple line) is $476.00. The price is below both the EMA one can expect a bearish trend in the coin for the next few trading sessions.
The Volume indicator of value (929) reflects a deficient buying volume in the coin with the overall market’s condition. We can further see a decrease in volume in Friday’s trading session.
MACD indicator (Bearish) one cannot observe any bullish crossover on the signal line on January 22, 2021, during the trading session. This indicates a sell signal in the coin and also observes massive red bars in the Histogram.
Meanwhile, the RSI indicator (Bearish) with a value of 35 indicates a sell signal in the coin. It may soon move towards the oversold territory in upcoming trading sessions if the selling continues further.
Bitcoin Cash Value is down by 7.42% on Friday’s trading session. The price is below 20 and 50 days EMA, and it can move towards the support level of $391. One can further expect a short term recovery in the coin for a while, and then it can be bearish in the upcoming trading session.
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