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- The BCH coin price rose to the supply zone on a daily time frame following the overall bullishness in the global markets.
- BCH coin price is forming a cup and handle pattern on a daily time frame.
- At present, the pair of BCH/BTC is trading at the price level of 0.0054545 with an increase of 2.34% in the past 24 hours.
BCH coin price as per the price is trading at a long-term supply zone. This comes after the BCH coin price was seen forming higher high and higher low formations which led to it storming through every small term resistance.
BCH coin price changes to a positive price structure
The BCH coin price managed to surpass every small-term resistance, leading to a strong bullish rally. Currently, it is trading at the supply zone after breaking out of the 50 and 100 Moving Averages. Previously, it faced a strong ejection from these MAs but the recent breakout has changed the scenario. From now onwards, the coin price can be seen taking a rest at these MAs.
After a strong bull run, the BCH coin price is consolidating at a long-term resistance. The Bollinger band indicator has also turned bullish as it rose to the upper band from the lower band. Volumes have increased, causing the volatility to rise. Therefore, investors should exercise caution and wait for a clear move.
BCH coin price forms a cup and handle pattern
The Average Directional Movement index has shown a positive movement following a strong bullish momentum in the BCH coin price. ADX curve was trading below the mark level of 15 but the recent bull run has led to the ADX curve dipping out of the 15 mark currently transacting at 23.49.
The relative Strength Index is seen supporting the BCH coin price as it crossed the halfway mark of 50. This is a positive sign for bulls and moving forward if the coin price breaks the supply zone then the RSI curve can be seen rising even higher.
Supertrend indicator is positive as the coin price broke the important small-term supply zone on the daily timeframe. Since then the coin price has failed to give a breakout of the supply zone in a larger time frame. As of now, the coin price has broken the super trend sell line which has triggered a buy line.
Conclusion: BCH coin price, as per the piece movement, has made a strong base leading to a small consolation. As the BCH coin price forms a reversal chart pattern it becomes important for investors to look out for a proper breakout and retest of the breakout zone and then act accordingly.
Support: $122 and $125
Resistance: $137 and $141
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
