Bitcoin Cash Price Analysis: BCH Building up Rounding Bottom Pattern Placed Near the Supply Zone

Bitcoin cash about to give breakout placed near supply zone
  • Bitcoin cash formed rounding bottom pattern and reaching the 1st supply zone between $525-$550
  • The pair of BTC/BTC is trading below the significant EMA-20,50 and 200, standing at 0.01138 BTC with an intraday gain of +2.65% 
Source: tradingview

Bitcoin Cash (BCH) is participating in the bullish rally and has formed a rounding bottom pattern. However, it reaches the supply zone of $525-$550 above that a sharp rally expected till $600. In contrast, another supply zone is placed between $600-$630. BCH is presently trading above the major moving averages of 20,50,100 and 200-Day. Likewise, the support on lower levels is $420, and $380 can be considered strong support. Resistance at the higher side is placed at $550 and $640. Above that, the levels that can be expected in the upcoming trading session are $690 and $740. 

Source:tradingview

Bitcoin cash (BCH) over the monthly chart (4-hour) is trading by making the higher top and lower bottom patterns indicate the bullish momentum. The lower time resistance is situated at $525 and $540; meanwhile, the support is placed at $480 and $440. Presently BCH is trading at $512 with intraday loss of -2.27%, volume recorded is $7,474,093,961. Total market capitalization drops over -1.69% standing at $9,562,523,243. The price is standing above the baseline line, and BCH is situated inside the Bollinger band’s upper band (BB). 

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Relative Strength Index (Bullish) indicates a bullish Momentum while trading at 61.73. However, it is currently heading towards an overbought zone after correcting from higher levels. 

Moving Average Convergence Divergence (Bullish) currently indicates a bullish trend on the daily chart as it is about to give a positive crossover with the significance of the Buyer’s line (green) over the seller’s signal line (red).   

Support levels: $420 and $380

Resistance levels: $550 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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