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Bitcoin Cash price analysis: here’s why BCH is sideways despite BTC reclaimed above $21K

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Bitcoin Cash price analysis
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  • The price of bitcoin cash nowadays seems to be sideways rather than bitcoin rallying.
  • BCH price is forming a high-low on the 4-hours price chart but there is a short-term resistance level with the bulls in the $125 area.
  • Despite the overall crypto market recovery, the Bitcoin Cash weekly price candle is down 4.46% this week.

Only a few days ago, the entire crypto market was extremely bearish, with bitcoin reaching an 18-month low near $17708. However, the entire crypto market is now attempting to recover, and BTC has managed to hold the $21,000 level near the weekly close.

Despite this, the Bitcoin cash price appears to be moving sideways, just above its June lows. However, the bulls are unlikely to defend themselves above recent lows for more carnage. Despite the overall recovery in the crypto market, the Bitcoin Cash weekly price candle is down 4.46% this week.

Meanwhile, BCH price action is showing a higher-low formation on the 4-hours price chart, but there is still a short-term resistance level for the bulls in the $125 area. Meanwhile, at the time of writing, the Bitcoin Cash token is trading at the $115.3 mark.

BCH on 4-hours chart 

Thus according to CMC the market cap is above $2.2 billion while down 2.7% in the last 24 hours. Moreover, the bitcoin cash price and the bitcoin pair is trading down 4.9% at 0.005387 satoshis.

The bulls are aiming to reach the 20 EMA on the 4-hours price chart but BCH price is trading below the 20 EMA on the daily Price scale. Trading volume also reflects a sideways trend.

There is an important support of the $100 mark

Stoch RSI is in overbought zone but MACD indicator is still well below the neutral zone while moving in the negative zone on the daily price scale.

Conclusion

Bitcoin Cash investors are anticipating a bullish rally as they manage to trade above the 90-day low along with a bullish trendline. But BCH price could struggle near the resistance area.

Support level – $100 and $90

Resistance level – $130 and $150

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.

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