- Bitcoin Cash (BCH) price is slowly rising above the $100 mark.
- Buying pressure turned low in the red zone of the $100 volatility.
- Hourly price action forms a high-low structure this week.
Bitcoin Fork’s – Bitcoin Cash (BCH) was caught by sellers as the price of the asset continued to move lower. Bears are also active in the market but in lesser quantities as the trading volume is less. Due to the roller-coaster ride, BCH price often faces pumps and dumps near the conceptual round level of $100.
At press time, bitcoin cash (BCH) was trading at the $102 mark against USDT. Unfortunately, the sharp selloff has resulted in a market capitalization of less than $2 billion.
On the daily price chart, traders are noticing a declining parallel channel in Bitcoin Cash (BCH). Both the bulls and the bears have important hedge zones near the support and resistance lines. As of now, BCH price is holding above the mid-band of this bearish pattern and a consolidation phase could help the bulls to cross this area.
Trading volume constantly falls and reaches below the average volume. Later on, it decreased 15% in the last 24 hours, reported at $89.5 million. The correlation coefficient indicator shows strong relation of BTC with BCH as it is present at 0.71 level at the time. Major price drop in BTC may pull down BCH towards its annual low.
The 100-day exponential moving average (yellow) is leading the selloff in Bitcoin Cash (BCH). The bears defended themselves several times. As a result, the crypto remains below the all-important EMA (above the chart).
Finally, Stoch RSI is breaking out of the oversold zone on the daily price scale. Conversely, the MACD indicator floats below the neutral zone.
Conclusion
The Stoch RSI is displaying a positive signal, with a daily bullish candle for the Bitcoin Cash (BCH) coin. Notably, the buyers kept the BCH price above the $100 conceptual round level. A breakdown of this level could trigger further selloff.
Support level – $100 and $85
Resistance level – $125 and $160
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/24/bitcoin-cash-bch-turns-sideways-at-100-mark-buy-or-deny/