Bitcoin Cash Price Analysis: Will BCH Sustain above $100 or Slip Deeper?

  • Bitcoin Cash price has been consolidating at 2018 lows and falters to gain either of the steady momentum.
  • BCH crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average.
  • The pair of BCH/BTC is at 0.004953 BTC with an intraday drop of 1.70%.

According to the daily price chart, the price of bitcoin cash is currently on a downward trend and heading toward lower levels of 2018. To avoid the consolidation stage, the token must amass buyers. For BCH coin to stay above the 2018 lows, support must form. It also requires assistance in order to make an effort to buck the trend. Investors in BCH are monitoring the daily price chart in search of a trend reversal and a recovery stage. After consolidating at 2018 lows, the price of the BCH coin is attempting to rise. The coin needs to gain support from the buyers in order to register its recovery phase.

Currently valued at $102.76, Bitcoin Cash increased 2.10 % of its market capitalization over the previous day. However, trading volume fell by 74% during the intraday trading session. This shows how BCH bears are trying to build up so that the coin can start to maintain its negative momentum. Volume to Market capitalization ratio is 0.1565.

On the daily price chart, the price of the BCH coin has dropped through several intriguing patterns. The cryptocurrency asset has broken through a channel that had been decreasing before settling for a while. Following that, BCH bulls attempted to exit the consolidation phase but were unable, trading bearishly to 2018 lows. To prevent the price of BCH from plummeting even further, more buyers are required.

Will BCH bulls sustain above the $100 mark?

In order to counteract the bearish momentum over the daily price chart, BCH coin price needs to draw in a sizable number of purchasers. Technical indicators suggest consolidation phase of BCH coin.

Relative Strength Index showcases sideways momentum of BCH coin. RSI is at 38 and is below neutrality. MACD exhibits the consolidation phase of BCH coin. The MACD line is ahead of the signal line with a lower difference. BCH investors need to wait for any directional change over the daily price chart.


Conclusion

According to the daily price chart, the price of bitcoin cash is currently on a downward trend and heading toward lower levels of 2018. To avoid the consolidation stage, the token must amass buyers. For BCH coin to stay above the 2018 lows, support must form. It also requires assistance in order to make an effort to buck the trend. Investors in BCH are monitoring the daily price chart in search of a trend reversal and a recovery stage. Following that, BCH bulls attempted to exit the consolidation phase but were unable, trading bearishly to 2018 lows. To prevent the price of BCH from plummeting even further, more buyers are required. Technical indicators suggest consolidation phase of BCH coin. BCH investors need to wait for any directional change over the daily price chart.

Technical Levels

Support Level: $97.00 and $95.00

Resistance Level: $107 and $110

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.  

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