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- 1 BCH price signifies sharp rejection from the $700 mark and dropped to the 50 day EMA mark.
- 2 Buyers are trapped at highs and unwinded their long positions.
The BCH price reflects roller coaster move and has flipped toward the 50 day EMA mark and has delivered sharp reversal in the last sessions. The price action demonstrates the long unwinding activity, signifying follow on selling pressure on the charts. However, the trend is neutral and bulls need to retain the $500 mark to avoid any rash selloff and to gain momentum.
At press time, the Bitcoin Cash (BCH) price traded at $478.34 with an intraday gain of 1.65%, reflecting neutrality on the charts. It has a monthly return ratio of -15.35% and 305.20% yearly. The pair of BCH/BTC is at 0.00751 BTC, and the market cap is $9.15 Billion. Analysts are neutral and suggest that the BCH crypto may retain strength and will outperform in the upcoming sessions.
BCH Price Volume Profile On Daily Charts
On the daily chart, the price-to-volume profile of the Bitcoin Cash crypto showcases sharp reversal in the last trading sessions. The price action signifies rejection from the supply region of $700 and has corrected over 30% this month. However, the coin has regressed to the primary support region around $450, and a pullback can be seen shortly. The intraday trading volume dropped over 18.51% to $270.39 Million.
Price Volatility and Weighted Sentiment Outlook
Amidst the price retracement, the price volatility curve spins over 3.20% to 0.012, replicating a neutral price action in the intraday session. However, the weighted sentiment looks positive and stayed above the midline around 0.995, signifying a healthy data.
Social Dominance and Active Social Users (Twitter) Insights
Per the Santiment data, the social dominance data witnessed a spike of over 3.09% to 0.086%, signifying the neutral sentiment among the investors. However, the X followers data replicates a sharp drop over 23.90% to 3430.
Total Open Interest and Holding Data Overview
The derivative data signifies long unwinding and the open interest dropped over 1.89% to $290.45 Million, replicating low investor activity in the intraday session. However, the total amount of holders data replicates a follow-on decline and dragged below the midline around 25.72 Million.
BCH price is trading near the 38.2% Fibonacci retracement zone and has retested its mid Bollinger Band zone. Similarly, the RSI curve stayed in the oversold region, and a convergence of the RSI line with the signal line was noted on the charts.
The total supply of BCH crypto is 19.13 Million, whereas the volume-to-market cap ratio is 0.0296, ranked 19 in terms of market cap in the global crypto market.
Summary
The Bitcoin Cash price has dragged to the 50 day EMA mark in a sharp reversal from the highs. Moreover, the trend is volatile and the buyers are eyeing the $500 mark to reclaim over the next few sessions.
Technical Levels
Support Levels: $460 and $435
Resistance Levels: $500 and $520
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
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.
