Bitcoin cash price analysis: BCH tries to match the strong bullish momentum, know where you are!

Bitcoin cash price analysis: BCH tries to match the strong bullish momentum, know where you are!
Bitcoin cash price analysis: BCH tries to match the strong bullish momentum, know where you are!

  • The Bitcoin Cash price is trying to look for a strong bullish momentum for the recovery over the daily price chart.
  • BCH crypto has recovered above the 20 and 50 EMA, but still below the 100 and 200 day daily moving averages.
  • The BCH/BTC pair is at 0.006078 BTC with an intraday gain of 1.50%.

Bitcoin Cash price is trying to move upwards with uptrend momentum across the daily price chart. The token has been continuously bullish from the last three trading sessions and is now trying to maintain the uptrend as bears strike to pull the token back. BCH bulls need to accumulate themselves to allow the token to stay at the current level above the upward sloping line above the daily chart. BCH is trying to stay above an upward sloping line to remain in the recovery phase. However, bears try to withdraw the symbol and bulls have to come to the rescue.

At $140.88, Bitcoin Cash’s market cap rose 0.51% from the previous day. However, during intraday trading, trading volume fell by 29.11%. This demonstrates the efforts BCH bears are making to rally so that the coin can begin to sustain its downtrend. Volume to market value is 0.08866.

The BCH coin price is coming from an interesting pattern over the daily chart. The token has fallen significantly during the rollercoaster in recent months. This time, however, BCH is finally trying to start its recovery phase above an upward line above the daily chart. In contrast, bears try to pull the symbol below the sloping line to allow the symbol to fall back down towards the lower levels. Meanwhile, volume changes can be seen below average and must grow for BCH to sustain.

Will BCH rise or fall?

The BCH coin price is trying to stay above the upward sloping line above the daily price chart. The token must remain in the recovery phase to avoid falling over the daily chart. Technical indicators suggest BCH bulls struggle to sustain above the upward sloping line.

The Relative Strength Index shows the sideways momentum of the BCH coin. The RSI is at 58 and is heading towards neutrality. MACD shows the sideways momentum of the BCH coin. The MACD line is on the signal line and is waiting for any type of crossover. BCH investors will have to wait for any directional change relative to the daily chart.

Conclusion

Bitcoin Cash price is trying to move upwards with uptrend momentum across the daily price chart. The token has been continuously bullish from the last three trading sessions and is now trying to maintain the uptrend as bears strike to pull the token back. BCH bulls need to accumulate themselves to allow the token to stay at the current level above the upward sloping line above the daily chart. Meanwhile, volume changes can be seen below average and must grow for BCH to sustain. Technical indicators suggest BCH bulls struggle to sustain above the upward sloping line. BCH investors will have to wait for any directional change relative to the daily chart.

Technical levels

Support level: $130.00 and $115.00

Resistance level: $150.00 and $165.00

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Disclaimer

The views and opinions expressed by the author or any person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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