- Bitcoin cash performed positive momentum on Saturday’s trading session
- Bitcoin Cash value is $433.54, which is up by 2.65% in last 24 hour time frame and is 11.61% down from the previous week
- BCH/BTC pair is positive with a gain of 0.35% in Saturday’s trading session (0.013386)
Bitcoin Cash value projects a positive surge on the weekly chart, and it went up to $629.80 on January 10, 2021, while breaking above the resistance zones created in the past. BCH price set a mark of 52-week high with help of overall market conditions. The BCH/ETH pair is in downtrend with a value of 3.24% in Saturday’s trading session (0.3463).
Bitcoin Cash Technical Chart Indicates a Bearish Momentum
The technical chart of Bitcoin Cash highlights a positive trend with the help of overall market conditions on Saturday’s trading session. BCH current price is $433.54, with a resistance zone of $547.00, following the support zone of $409.50. Diving into the weekly chart of 1-hour time frame, it forms a dragonfly bearish candlestick pattern, indicating a sell signal in coin.
The Volume indicator of value (681) reflects a low selling volume in coin due to the overall market’s condition. Traders can further see an increase in selling volume in the next few trading sessions.
MACD indicator (Neutral), Soon, a bullish crossover signal line, may form on January 23, 2021, during the trading session, it indicates a neutral signal in the coin. Also, it denotes ending of red bars in the Histogram.
Meanwhile, the RSI indicator (Bearish) with a value of 40 indicates a sell signal in the coin. It may soon move towards the oversold territory if selling increases in the coin.
Conclusion
Bitcoin Cash price is up by 2.65% on Saturday’s trading session. The price is consolidating for now and can see no signs of positive retracement during the session. So the trend remains negative price may fall till the support zone of 409.50
Resistance: $547.00
Support: $409.50
Mr, Nikhil Ingole is a Chief Editor at The Coin Republic with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain’s future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. He possesses strong technical, analytical skills and is well known for his financial market’s informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.