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- On the daily price chart, the BCH price is moving upwards in step with the classic cryptocurrency Bitcoin.
- The crypto asset is moving above the 20 days moving average and is about to approach 100 days.
- The BCH/BTC pair stands at 0.005286 BTC with a gain of 1.93%.
The BCH price is at an uptrend movement following the traditional cryptocurrency Bitcoin over the daily price chart. Though the bears tried to interrupt the process but then too the BTC domination made the price surge more than 20% in 6 days. The recovery is insufficient, thus in order to accelerate the process, the coin has to draw in additional buyers.
The fact that trading volume is still down 3% should cause serious alarm for the bulls right now. They need to make the volume rise which in turn will pump the price, this needs to be done soon as the investors are already facing huge losses. The bulls made the price to recover for $109.
The current price for one BCH coin is trading at $116.76 which is at a gain of 3.83% in its market capitalization in the last 24 hrs. The coin has a trading volume of 378 million which is currently at a decrease of 3.80% in the 24 hrs trading session and a market cap of 2.23 billion. The volume market cap ratio for BCH is 0.171.
What do Technical Indicators Suggest?
The technical indicators tell us that the trading volume is still moving below average. While the MACD indicators on both the daily and hourly price chart show the buyer’s line is moving above the sellers signal line with the histograms rising green and the gap between them increasing continuously. In support the relative strength index took a flight and if the situation persists it will soon approach the overbought. The RSI value for BCH is above 50. Now a matter of concern for the investors is the price made a cross over the upper band of the Bollinger band cloud.
Conclusion
The BCH price is at an uptrend movement following the traditional cryptocurrency Bitcoin over the daily and hourly price chart. The recovery is insufficient, thus in order to accelerate the process, the coin has to draw in additional buyers. The technical indicators tell us that the bulls are getting overpowered and now it’s time for a bullish run so the ones who wanted to enter the market can make an entry now for a good exposure.
Technical levels
Resistance levels: $130.9 and $ $146.7
Support levels: $94.8 and $73.23
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
