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•BCH/USD is currently priced at $130.55 and has decreased by 2.50% over the past day
•The trading volumes have decreased by 40.93% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: BCH Price Analysis suggests the asset is on the wane
The Bitcoin Cash price today is $130.55 USD with a 24-hour trading volume of $281,862,488 USD. BCH is down 2.50% in the last 24 hours. The trading volumes have decreased over the past day amid a shortage of buyers in the market whereas the Volume to Market Cap Ratio stands at 0.1127 for the altcoin.
BCH remains shrouded in a mist of smoke as the price action today has resulted in the Bitcoin Cash price transacting above the 20,50 SMA on the four-hour chart which has provided some momentary relief to the investors. However, the buyers have still not turned the fortunes around, with the bears lurking in the shadows and a sustained move below the support level placed at $125 will indicate the presence of sellers. If this movement continues to create enough downside momentum then the investors will need to watch out for a possible acceleration to the downside with $120 placed as the next support level. On the flip side, if Bitcoin Cash rebounds off the support, it will suggest that buyers are accumulating at lower levels. The bulls will then attempt to push the price towards the resistance level placed at $150 which will signal a trend reversal for BCH.
Long Term View for BCH
Bitcoin Cash is currently in a downtrend as the bears have consolidated their presence in the market. The RSI indicator in particular has been hit hard by the bearish implications and is now transacting at 50.00, with further movement to the downside expected in the days ahead. The MACD indicator, on the other hand, shows that the red histograms have reduced in size on the daily chart as the bulls have come in to arrest the slide somewhat. However, the trend remains sided with the bears as the MACD and signal lines continue to transact in the negative territory.
Conclusion
Bitcoin Cash bulls have taken a beating at the hands of the bears as the asset keeps succumbing to sellers. The technical indicators suggest the bearish trend continues and hence, one can expect BCH Price to keep following a descending path in the near term.
Support: $125-$120
Resistance: $140-$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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
