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ThecoinrepublicUncategorizedBitcoin cash Price Analysis: BCH Gives a...
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Bitcoin cash Price Analysis: BCH Gives a Long Tail After 40% Correction ; Bulls Might Turn The Trend

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  • BCH started to fall after the recent 52 weeks high of $1208 and found a support zone near $700-$750
  • Currently, the coin is trading above the 50 EMA, which is above the 200 EMA, implying the uptrend is intact.
  • The BCH/BTC pair is trading at 0.015750 with an intraday loss of 5%

Source- tradingview

BitcoinCash price fell after consistently making higher highs and creating a new 52-week high of $1208; currently, it is holding above 50 and 200 EMA in the daily timeframe. The volume over the daily chart is also good. After a sharp selloff, a new support zone is observed between $700-$750. The live Bitcoin Cash price today is $751.08 with a 24-hour trading volume of $8,308,614,439. Bitcoin Cash is down 19.04% in the last 24 hours. The live market cap of BCH is $14,057,553,457.

 Fallout Of Descending Triangle

Source – tradingview

BCH had made a descending triangle pattern in the 4-hour timeframe after rejection from a 52-week high level. BCH coin price had a fallout of this level recently. A short-term pullback is expected to give a retest for the fallout. The coin price has fallen 19% in the last 24 hours. A support trendline has pushed the price back up; however, a resistance trendline is also observed. The level of $748 is the immediate support, whereas the immediate resistance zone is near $1000.

The coin price finds support near the 200 EMA (white) as the price trades below the 50 EMA (yellow). The 50 EMA is above the 200 EMA in the 4-hour timeframe implying an uptrend.

The RSI (Bullish ) indicates bullish momentum while trading at 35. However, after a sharp slope down, BCH is now heading towards the overbought zone.

The ADX indicates a gaining momentum as it is trading at 15 while the spike in ADX is increasing, implying a positive growth of momentum. 

Conclusion – BCH coin price has recently showcased a fallout of descending triangle pattern indicating a start of a downtrend. A short-term pullback is expected to give a retest. Support from 200 EMA and long tails near support levels could push back the price, so early traders must wait for retest confirmation. 

Support- $748

Resistance- zone near $1000

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ritika Sharma
Ritika Sharma
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
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