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- Bitcoin Cash price (BCH) is moving closer to the resistance trendline this week.
- Buyers are battling the 20 day moving average in the intraday trading session.
- Bitcoin Cash value relative to the bitcoin pair is down 1.77% at 0.006146 satoshis.
Bitcoin cash price has been trending higher towards the higher zone for the past several days. However, the price action is showing negative interest in the BCH coin as it forms a lower-high structure in each time frame either weekly and below.
However, bitcoin cash (BCH) price has been declining in a parallel channel since late July. Over the past few months, the bulls have failed to break the trendline’s resistance several times. It looks like the buyers may soon overcome the selling pressure as BCH price consolidates just below the resistance line.
Trading volume is increasing while bulls are aggressively buying BCH coins. On 12 December, speculators saw a dragonfly doji candle, which may drive a bullish breakout ahead. Buyers are looking to gather to increase momentum speed. Meanwhile, against the USDT pair, Bitcoin Cash is trading at $109.5 mark at press time.
Market capitalization spots at $ 2.1 Billion along with 0.84% gain. Despite the bearish price action, buyers hold BCH crypto price above the conceptual round level of $100, which stood to be a key support level as well as red zone of volatility. Meanwhile, the Bitcoin Cash Value belonging to the Bitcoin pair is down 1.77% at 0.006146 satoshis.
In the context of daily price chart, Buyers struggle at the 20 day moving average in intraday trading sessions. Bulls must hover crypto price above this level.
The daily RSI indicator is standing at semi-line amid decrease. Besides, the MACD seems flat at just above the neutral zone, showing sideways momentum.
Conclusion
Buyers often get higher price rejections close to 100 day exponential moving average in the last 45 days. Bulls have advantage of conceptual round level of $100 as a support. Increasing trading volume suggests bullish breakout soon if buyers manage support zone.
Technical Levels
Support level – $100 and $87
Resistance level – $120 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 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.
