Bitcoin Cash Analysis: BCH indicating the bullish momentum after taking support

Bitcoin cash trading on the bullish note
  • Bitcoin cash trading on the bullish note after taking support and currently trading above 50,100 and 200-Day Moving Averages (DMA)
  • The pair of BCH/BTC is trading at 0.01195 BTC with intraday loss of -0.66% 

Bitcoin cash (BCH) is trading on a bullish note, after slipping from a bullish mark of $630. Presently, BCH is trying to recover from lower levels and is now facing a minor resistance of 20-DMA. Likewise, 50,100 and 200-DMA is acting as a support line on lower levels. Support levels on the downside are placed at $400 and $360. Meanwhile, resistance on the higher sider is placed at $480 and $530. The breakout above $640 can give the targets of $750 and $880 in upcoming trading sessions. 

Bitcoin cash is trading on a bullish trend on the short term chart, with support at $420 and $400. The resistance on the higher side is placed at $460 and $480. Primarily the significant resistance is placed at $525. Presently BCH standing at $433 with an intraday gain of +1.66% volume recorded in the last 24-hour is $5,020,878,572 with an intraday drop of -4.45% and the market capitalization increased by +6.47% standing at $5,020,878,572. However, the volume is not supported for a positive breakout.  

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Relative Strength Index (Bullish) indicates a bullish momentum while trading at 61.86. However, it is currently heading towards the overbought zone after recovering from lower levels. 

Moving Average Convergence Divergence (Bullish) currently indicates a Bullish trend on the daily chart as giving a positive crossover with the significance of buying signal line (green) over sellers line(red) with no sign of weakness. 

Support levels: $400 and $360

Resistance levels: $530 and $640

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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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