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- After a downtrend the price is now consolidating over the daily chart. The bulls and bears both are trying to manipulate the price.
- The coin needs to accumulate bulls to make a breakout.
- The BCH/BTC pair is at 0.005949 BTC with a loss of 3.56% in it.
Bitcoin Cash is a peer-to-peer electronic cash system that aims to become sound global money with fast payments, micro fees, privacy, and high transaction capacity (big blocks). There are several distinctive features that separate BCH from the origin. The main one remains about the block size.
As we can observe that after following a downtrend the BCH bulls are accumulating to push the price once again over the daily chart. After the bearish pressure finally the bulls are now working on the coin to support the ecosystem. Though this bullish run will not help the coin much as the overall market is appearing bearish to the investors. The coin needs strong support to make a trend reversal. If the current situation continues the price may fall in a sideways range and wait for bulls to make a breakout.
The current price for one BCH coin is trading at $118.81, with a gain of 4.80% in its market capitalization in the last 24 hrs. The coin has a trading volume of 1.6 billion, which is a loss of 12.59% in 24 hrs trading session, and a market cap of 2.2 billion. The volume market cap ratio is 0.7032.
Let’s see what do technical indicators suggest
While talking about the technical indicators we can observe the MACD line is trying to make a positive crossover with the MACD signal line but the ongoing battle between the bulls and bears is not letting the price have a directional move.
The investors are also waiting for a directional move to make a swing entry to the market.
The relative strength index indicated an uplift for the BCH price but then too the price may not break the range, as the volume change is not in the favor for a breakout.
The RSI value for BCH is nearly equal to 30.
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Conclusion
The BCH after facing a downtrend over the daily chart is trying to accumulate bulls to make a breakout over the sideways range with the consolidating price. The coin needs strong support to make a trend reversal. Whereas the technical indicators do not suggest a directional move.
Technical levels
Resistance levels: $132 and $145
Support levels: $105 and $94.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
