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- Bitcoin cash coin again fails to suppress its mid-term moving average of 20-day, and the volume over the monthly chart is lower.
- The digital asset over the monthly chart is trading below all vital moving averages of 20, 50, 100, and 200-DMA lines, while 20-DMA acts as the initial resistance level.
- The pair of BCH/BTC is trading on a bearish note at 0.01311 BTC with an intraday loss of -3.04%, and the ratio of BCH/ETH is CMP flat at 0.2094 ETH with a slight loss of -1.17%
Over the monthly chart, the Bitcoin cash coin is trading on bearish notes while making lower highs and lower low sequences. The cryptocurrency is facing a significant downtrend for the past few trading sessions, where the coin is facing a hurdle of the 20-DMA line.
However, the crypto asset is presently trading below all vital moving averages of 20, 50, 100, and 200-DMA, and the volume action is lower. Once the BCH token starts to sustain above 20 and 50-DMA lines, good volume action will push more buyers in upcoming trading sessions. Support on the lower side is at $420 and $380, whereas resistance on the higher side is $550 and $620.
Bitcoin cash coin, at the 4-hour time frame
Bitcoin cash coin, at the 4-hour time frame, is now heading towards the lower levels. Over the weekly chart, BCH, after an excellent positive rally from lower levels, is now projecting slight weakness. The technical parameters have turned bearish, and a short-term correction is expected in upcoming trading sessions. Presently, the Bitcoin cash coin is trading at $444 with an intraday loss of -2.40%, and the volume to market cap ratio is at 0.1267.
Relative Strength Index (CAUTION): Bitcoin cash coin RSI presently indicates a slight bearish or negative trend over the weekly chart. In contrast, the RSI is heading lower after testing the overbought zone and now heading lower CMP 51.
Moving Average Convergence Divergence (CAUTION): currently indicates a neutral or cautious trend on the daily chart. This is because the buyer’s signal line (orange) overlaps the seller’s line (blue) with no sign of clear momentum.
Support levels: $420 and $380
Resistance levels: $550 and $620.
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.
