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- Bitcoin cash price shows signs of stability after a healthy retracement from higher levels and holding major important levels.
- BCH is trading above all the critical moving averages of 20,50,100 and 200-Day and has built up a strong bullish candle over the daily time frame
- The pair of BCH/BTC is also given positive crossover over the moving averages standing 0.01678 BTC with intraday gains of +2.68%
Bitcoin cash price after a sharp selloff from higher levels seems to find its new support zone around $720-$800. After testing the mark of $1210, sharp profit-taking is observed from higher levels. Simultaneously, the coin is now sustaining above all major and important moving averages and supports of 20,50,100 and 200-DMA.
Meanwhile, good volume activity is observed over the monthly chart and indicates more participation of buyers and sellers over the period. Support on the lower side is placed at $780 and $660, while resistance on the higher side is situated at $1210 and $1450.
Over the daily chart, Bitcoin cash price at the 4-hour time frame has just broken out from the descending triangle pattern. However, the major thing to watch is volume as volume is continuously decreasing. BCH is currently trading at $940 with intraday gains of +1.98% and while volume also increased over +3.40%, standing at $8,683,086,275. Meanwhile, the total market capitalization stands at $17,592,357,163 with intraday gains of +1.12%. Support for the short term is placed at $850 and $780, while resistance at $1060 and $1210.
Relative Strength Index (BULLISH ) indicates bullish momentum while trading at 53.62. However, after a sharp selloff, BCH is now heading towards the overbought zone indicates its positive momentum.
Moving Average Convergence Divergence (BULLISH) currently indicates a bullish trend on the daily chart, as it is trading with the significance of the seller’s line (red) over the buyer’s signal line (green). However, both the lines are heading closer to each other, and a crossover can generate bullish momentum.
Support levels: $780 and $660
Resistance levels: $1210 and $1450.
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.
