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- 1 Bitcoin Cash crypto price is currently trading at $230.30 with a drop of 0.29% in the last 24 hours with a current market cap of $4.494 Billion.
- 2 Technical indicators highlight the consolidation phase of Bitcoin Cash crypto.
Bitcoin Cash crypto price has been consolidating inside the horizontal price range of $175.63 and $259.71 over the daily time frame chart.
Bitcoin Cash price prediction suggests bears and bulls are yet to gain a strong grip on the trend. Investors might prefer to wait for a confirmation of multiple technical indicators in order to determine the direction of the trend. There is a slight increase in the volatily in thge crypto.
Investor sentiments regarding the Bitcoin Cash price are indecisive at present and may remain negative unless the buyers start stepping into the price action with substantial momentum. However, according to the technical indicators and price action, the odds are lining in the bulls’ favor.
Bitcoin Cash crypto price needs to attract buyers to surge towards the upper trendline of the consolidation phase over the daily time frame chart. Meanwhile, the Bitcoin Cash crypto price is trying to gather support and surge towards 20, 50, 100, and 200-day daily moving averages. Bitcoin Cash cryptos have been consolidating inside the horizontal price range of $175.63 and $259.71.
Nevertheless, Bitcoin Cash crypto price rose around 5.29% in a week but gained 7.14% in a month. Also, the BCH crypto price shed around 5.58% in the last three months and gained 84.17% over the last six months. However, the Bitcoin Cash crypto chart shows weakness in recent times. However, analysts believe that the crypto price may bounce back and rise from the lower levels.
Bitcoin Cash crypto Price Has Been Consolidating Inside the Price Range
Bitcoin Cash crypto price must initiate its recovery rally to reach the upper threshold of the consolidation phase. However, the Bitcoin Cash cryptos need to accumulate buyers in order to surge towards its recovery phase. Meanwhile, the Bitcoin Cash crypto price has jumped above the 20, 50, 100, and 200-day exponential moving averages.
Moreover, Bitcoin Cash cryptos must register its breakout from the consolidation phase over the daily time frame chart.
Technical indicators suggest the consolidation phase of the Bitcoin Cash crypto price. Relative strength index (RSI) showcases the sideways momentum of Bitcoin Cash cryptos. RSI was at 56 and is roaming in the neutral territory.
MACD exhibits the consolidation phase of the Bitcoin Cash crypto price. The MACD line is flat below the signal line, waiting for a crossover. Investors in Bitcoin Cash crypto need to wait for any directional change over the daily time frame chart.
Summary
On the daily time frame chart, the Bitcoin Cash crypto price has been consolidated between the horizontal price bands of $175 and $259 per crypto. However, in order to accelerate towards its recovery phase, Bitcoin Cash cryptos must amass purchasers. Technical indicators point to a period of price consolidation for the BCH crypto. Investors in Bitcoin Cash crypto must watch the daily time frame chart for any directional changes. However, Investors and traders should wait for a proper setup for the next move and avoid FOMO.
Technical Levels
Support Levels: $210 and $191.
Resistance Levels: $159.71 and $280.00.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
