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- Bitcoin Cash price sustained above 200 day EMA and prepares for golden EMA crossover
- BCH crypto price attempting to breakout of the higher range hurdle level at $160
- BCH price is up by 10.22% on the weekly basis and forming a bullish pattern
Bitcoin Cash(BCH) crypto price is trading with the bullish cues and bulls are trying to keep the prices above the $150.00 to bring back the confidence of genuine buyers. According to data in Coinglass, In the last 12 hours, BCH Long and Short ratio stands at 1.12 which clearly shows the Long takers are more as compared to shorts. Currently, the pair of BCH/USDT is trading at $149.9 with an intraday gains of 3.13% and the 24-hour volume to market cap ratio at 0.1326
BCH price still undervalued?
Bitcoin Cash(BCH) crypto price had shown a decent up move of 27% approx by taking a support at 50 day EMA and rising upward by forming a higher high candles shows that the confidence of the buyers is returning back and more upward momentum is possible in coming weeks.
In the mid of January, BCH bulls succeeded in reclaiming the price above the 50 day EMA which had derived the positive sentiment and prices shot up 40% approx in a short period of time. Meanwhile, the sellers at 200 day EMA(green) once attempted to reject the prices and drag it down but luckily some aggressive buyers came forward near to $120.00 level and pushed the prices higher again above the EMA which indicates that the responsive buyers are getting active the lower levels and downside seem to be limited.
The technical indicators of the BCH like MACD had generated a positive crossover indicating the bullishness to continue for some days and the RSI at 68 sloping north denotes that the more room for upside is open for the bullish traders. On the high side, if BCH prices hold the $150.00 level then the probability of more upward movement will drastically increase and bulls might succeed to hit the $165 mark. However, if overall market sentiment turns negative then the possibility of minor selloff will increase and bears will try to drag the prices below the EMA’s but the $120.00 will act as an important support level and it is expected to bounce back again.
Summary
Bitcoin Cash(BCH) crypto price is on steady rise and bulls are trying to hold the prices above both the EMA’s which will increase the probability of more upward momentum in coming weeks. The technical analysis suggests that the BCH are in the initial phase of trend reversal and prices seem to be undervalued. Therefore, it is expected to outperform in the coming months.
Technical levels
Resistance levels : $165.00 and $180.00
Support levels : $120.00 and $100.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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.
