- Bitcoin Cash Price is trading with sideways momentum over the daily price chart.
- BCH’s price is trading below the 20, 50, 100, and 200-day DMAs.
- The pair of BCH/BTC is at 0.00514 BTC with an intraday gain of 0.58%.
According to the daily price chart, Bitcoin Cash Price is currently trading bearishly and is moving towards the lower levels of 2018. To avoid the consolidation period, the token must amass buyers. To prevent dropping below the lows of 2018, the BCH coin must build support. It also needs support to attempt a trend reversal. Investors in BCH are watching the daily price chart for a trend reversal and a recovery period. BCH coin price is trying to recover itself from the consolidation phase at 2018 lows. The token must gather support from the buyers to register its recovery phase.
The current estimated price of Bitcoin Cash is $109.40, and on the previous day, it lost 1.10 percent of its market capitalization. However, the intraday trading session saw a 40.60% spike in trade volume. This demonstrates how BCH bulls are attempting to accumulate so that the coin can begin its rebound phase. The market capitalization to volume ratio is 0.6311.
Over the daily price chart, the BCH coin price has plummeted through some intriguing patterns. The cryptocurrency asset has broken through a channel that was dropping before consolidating for some time. Following that, BCH bulls attempted to exit the consolidation phase but were unable to maintain it, trading bearishly to 2018 lows. For the BCH currency price to stop plummeting further, more purchasers must come on board.
The Recovery of BCH awaits for now
In order to break out of the downtrend momentum over the daily price chart, the BCH coin price should draw a sizable number of buyers. Technical indications point to the BCH coin’s downward trend momentum.
The relative Strength Index showcases the consolidation phase of BCH at 2018 lows. RSI is at 40 and is heading towards the oversold territory. MACD exhibits the sideways momentum of the BCH coin. The MACD line is above the signal line and is approaching 0 to enter the positive zone. BCH investors need to wait for any directional change to conclude the price action of the BCH coins.
Conclusion
According to the daily price chart, Bitcoin Cash Price is currently trading bearishly and is moving towards the lower levels of 2018. To avoid the consolidation period, the token must amass buyers. To prevent dropping below the lows of 2018, BCH coin must build support. It also needs support to attempt a trend reversal. Investors in BCH are watching the daily price chart for a trend reversal and a recovery period. Following that, BCH bulls attempted to exit the consolidation phase but were unable to maintain it, trading bearishly to 2018 lows. For the BCH currency price to stop plummeting further, more purchasers must come on board. Technical indications point to the BCH coin’s downward trend momentum. RSI is at 40 and is heading towards the oversold territory. MACD exhibits the sideways momentum of BCH coin. BCH investors need to wait for any directional change to conclude the price action of the BCH coins.
Technical Levels
Support Level: $75.00 and $100
Resistance Level: $120 and $125
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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