- Bitcoin Cash price has been consolidating after dropping through some interesting patterns over the daily price chart.
- BCH crypto is trying to maintain itself at 20 and 50 EMA but is still below 100 and 200-days Daily Moving Average.
- The pair of BCH/BTC is at 0.006108 BTC with an intraday gain of 1.00%.
The entire cryptocurrency market is going through a difficult period as Bitcoin, the market’s largest dominator, once again drops below the psychological milestone of $20,000 and is currently teetering at $18,700. All other cryptocurrencies are suffering the same fate as Bitcoin (BTC), and Bitcoin Cash’s price, which has fallen to $112 and is currently stalling at the lower trendline of the consolidation phase, is no exception. As it attempts to hold at the lower trendline of the consolidation phase, BCH cryptocurrency needs to draw in additional buyers. The token must advance and stay out of the grasp of the short sellers.
The current estimated price of Bitcoin Cash is $115.15, and in the last day, it has lost 0.80% of its market capitalization. However, during the intraday trading session, trading volume fell by 25.61%. This shows that sellers are drawn to the trade to knock down BCH cryptocurrency. The volume to market cap ratio is 0.1083.
Bulls are attempting to hold at the current level as the price of the BCH coin dips to the lower level, which will assist the token rise back into the consolidation phase. On the other hand, the volume change is below average and must be improved during the intraday trading session. Bulls in BCH must step forward to free the token from the grip of short-sellers.
What do Technical Indicators suggest about BCH?
Technical Indicators point to the BCH cryptocurrency’s struggle to change the momentum. However, the Relative Strength Index highlights the BCH coin’s consolidation period. RSI is at 46 and struggles to remain below neutrality at this time because it is flat. The BCH coin’s sideways motion is visible on the MACD. The MACD line crosses the signal line just as the chart is about to indicate a change in direction. Investors in BCH must watch the daily price chart for any directional changes.
Conclusion
The entire cryptocurrency market is going through a difficult period as Bitcoin, the market’s largest dominator, once again drops below the psychological milestone of $20,000 and is currently teetering at $18,700. All other cryptocurrencies are suffering the same fate as Bitcoin (BTC), and Bitcoin Cash’s price, which has fallen to $112 and is currently stalling at the lower trendline of the consolidation phase, is no exception. Bulls in BCH must step forward to free the token from the grip of short-sellers. The MACD line crosses the signal line just as the chart is about to indicate a change in direction. Investors in BCH must watch the daily price chart for any directional changes.
Technical Levels
Support Level: $110.00 and $100.00
Resistance Level: $130.00 and $150.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
