Bitcoin Cash Price Analysis: BCH Price Testing Upper Band of BB Amid Positive Breakout Above 20-DMA

  • Bitcoin cash gained momentum after the price sustained above the middle band and 20-Day Moving Averages line
  • The pair of BCH/BTC is trading at 0.01198 BTC gains about +3.13% in the last 24-hours 
Source:tradingview

Bitcoin cash (BCH) trading on the bullish note supported by the overall market conditions and after testing the lower band of Bollinger Bands (BB), a sharp rally is observed. Presently BCH is trading above all moving averages of 20,50,100 and 200-Day Moving Averages, supporting its bullish momentum for upcoming trading sessions. Meanwhile, BCH is now trading in the upper band region indicates the bullish scenario for upcoming weeks. The support on the monthly chart is situated at $420 and $380. Likewise, resistance on the higher side is placed at $525 and $630.

Source:tradingview

Bitcoin cash on daily charts is trading with bullish momentum, followed by the rising support line, which indicates the uptrend. The coin is currently trading at $470 with an intraday gain of +9.04%; meanwhile, the volume jumped over +40.38% in the past 24-hour standing at $6,183,785,324. The market capitalization stood at 10th rank, standing at $8,827,799,276 with an increment of +9.73% in the last 24-hour time frame. The critical support for the short term is placed at $430 and $400. Similarly, resistance on the higher side is situated at $450 and $525. 

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Relative Strength Index (Bullish) indicates a bullish momentum while trading at 73.86. However, it is currently trading in the overbought zone after recovering from lower levels, and some correction is expected as it is placed in the overbought zone.  

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

Support levels: $420 and $380

Resistance levels: $525 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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