Bitcoin Cash Analysis: Will BCH Rebound After Testing Its Rock-Solid Support?

  • Bitcoin cash prominently plunged from its 52-week high; skeptics believe the asset may breach its strong support level of $380
  • The BCH/BTC pair currently stands at 0.01276 BTC with an intraday loss of -3.65%
source:tradingview

Bitcoin cash(BCH) is trading under pressure as it slipped down further from higher levels and presently trading at $395 with an intraday loss of -7.23%. After creating its new 52-week high of $630, BCH sank further and breached its support of $480, $420; however, it has managed to sustain above $380, which can be considered favorable for BCH. The major support levels operated in the upcoming trading session are $380 and $340. Similarly, resistance on the higher side is situated at $480 and $540, while $630 can be considered a strong resistance level. BCH is currently trading below 20-Day Moving Averages (DMA). However, it successfully managed to trade above major moving averages of 50,100 and 200.  

Source:tradingview

Bitcoin cash price slips further on the daily chart after breaking the crucial mark of $420. BCH on the daily chart, is trading on a bearish note, with no significant sign of recovery from current levels, while the level of $380 becomes the only hope for investors. Likewise, resistance on the daily chart is placed at $420 and $480. The volume recorded in the intraday is $5,504,060,832, which dropped by -3.87%. Furthermore, the total market capitalization dropped over -7.16% and currently stands at $7,391,897,384.  

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Relative Strength Index (Bearish) indicates a Bearish momentum while trading at 32.51. However, it is currently heading towards the oversold zone after falling from higher levels. However, a bounce is expected as it looks oversold. 

Moving Average Convergence Divergence (Bearish) currently indicates a Bearish trend on the daily chart as it gives a negative crossover with the significance of sellers line(red) over buying signal line (green). 

Support levels: $380 and $340

Resistance levels: $480 and $540 

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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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