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- BCH price is currently trailing in a consolidated zone with an intraday gain of 4.44%.There is also a increase in BCH transactions.
- Technical Indicators suggest a bullish move .Meanwhile the BCH/BTC is trading at at the level of 0.009863 BTC
Bitcoin Cash is currently trading at the level of $566 with an intraday gain of 4.31%.BCH will see a resistance on the upside at the value of $600.It will face a support on the downside at the value of $496.The coin price is trading above the 50 and 100 Moving Average. The 50 MA blue line is at the value of $520.02 making it a temporary support for the coin. If the price breaks below the 50 and 100 MA then it would be very difficult for the price to recover to the positive levels. The BTC transaction fees has been on rise meanwhile the transaction in the BCH has been on rise. The future seems bright for the BCH.
BCH is currently ranked at 11th position with the market capitalization of $11,962,825,726.The volume of Bitcoin cash has seen a gain of 18.85% and is currently at the value of $4,212,254,217.
Technical Indicator Suggest A Bullish Move For BCH Price
Bitcoin Cash weekly chart highlights a positive momentum for the coin. BCH daily chart highlights a bullish momentum and can see the rise in the future. On coming to the small time frame of 4 hour the coin has formed a accumulation zone. If the price breaks above or below the accumulation zone than a major movement can be seen in the price .
The volume indicator of the BCH is at the level of 7.52K with a small buying volume.If the price breaks above the accumulation zone than a large buying volume can be seen.
RSI(Bullish): It is trailing at the level of 63.65 marking its presence in the overbought zone. There is a positive slope formation in the RSI which highlights that the price may see an uptrend in the upcoming session. The overall sentiment of the RSI is bullish.
Conclusion
Bitcoin cash has been one of the major coins in the past.The coin can see a major movement in the future.Transactions in the BCH has seen a increase and the BTC gas fee is seeing a surge.Investor should do the due diligence before investing.
Technical Levels
Major Resistance:$600
Major Support: $500
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.
