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- Bitcoin Cash price has formed a bullish hammer candle and buyers are trying to keep the prices above $100.00 level.
- Bitcoin Cash crypto price had tried multiple times to trade above 50 day EMA but got rejected.
BCH crypto prices are trading with mild bullish cues and bulls are trying to hold the $100.00 level. As per coinglass, In the last 12 hours, BCH Long and Short ratio stands at 1.04 which indicates bullishness may continue in coming days.As of now, BCH/USDT is trading at $102.2 with the intraday gains of 0.79% and 24 hour volume to market ratio stood at 0.0533
BCH price searching for a short term base formation ?
On a daily time frame, BCH crypto price had been quite volatile and trading in the narrow range between $95.00 to $125.00 with a bearish bias. In November BCH prices hit yearly low at $87.00 and immediately bounced back by forming bullish engulfing candle indicating the responsive buyers are active at lower levels but unfortunately prices faced hurdle at $115.00 level and slowly and steadily prices lost all its previous gains.
Recently, prices attempted to drop below $100.00 support level but bulls came forward and pushed the price higher by forming bullish hammer candle shows buyers are still active and it will be difficult for bears to dominate $100.00 to $87.00 demand zone. The 50 day EMA (yellow) at $104.00 will act as an immediate hurdle in coming days followed by next will at $115.00 and $125.00 . On a lower side $95.00 and $87.00 will act as a strong support level and if prices slipped below $87.00 bears may try to drag the prices further down towards $80.00 and below levels.
As per daily price chart, if price remains in the range mentioned above it may be an indication of short term base formation. The MACD had generated positive crossover showing the confidence of buyers near the demand zone and the RSI at 50 denotes the neutral sentiment between bullish and bearish positions.
Summary
Bitcoin cash price had tried multiple times to trade above 50 day EMA but got rejected indicating bears continuously pulling the price down and it will not be easy for bulls to hold the $100 mark. As per technical analysis, BCH prices do not have any clear direction and are likely to remain in a narrow range between $95.00 to $125.00 with a bearish bias. However if prices slipped below $87.00 support level traders might look for fresh shorting opportunities.
Technical levels
Resistance levels : $115.00 and $125.00
Support levels : $95.00 and $87.00
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.
