Bitcoin Cash Price Analysis: Bears Trying to Drag BCH Under their Control, What will Bulls do Now?

Bitcoin Cash price is trying to sustain at the current level as bears try to trap the token inside the consolidation phase.
BCH crypto falters to maintain itself at 20 and 50 EMA and is still behind 100 and 200-days Daily Moving Average.
The pair of BCH/BTC is at 0.006155 BTC with an intraday gain of 0.79%.

Bitcoin Cash’s market value grew from the day before by 0.88% to $132.52. However, during the intraday trading session, trade volume increased by 14.54%. This demonstrates how committed BCH bulls are to accumulating so that the coin may begin to maintain the momentum of its ascent. Volume to Market capitalization ratio is 0.1789.

An unusual pattern on the daily chart is what’s driving the price of the BCH coin. The token saw a significant fall during the most recent months’ trading sessions. But this time, BCH is seeking to start its recovery phase above an upward sloping line on the daily chart. However, bears are dragging the token beneath the sloped line in an effort to make it fall once more towards the lowest levels. Volume change is now below average and needs to rise in order for BCH to survive.

What do Technical Indicators suggest about BCH?

On the daily price chart, the BCH coin price is attempting to keep itself above the upward-sloping line. To avoid crossing the daily chart, the token must remain in the recovery phase. Technical indicators point to the BCH bulls’ challenge to maintain above the incline.

The Relative Strength Index for the BCH coin indicates a downward trend (RSI). At 51, the RSI is moving in the direction of neutrality. The BCH coin is gliding horizontally on the MACD. The MACD line is looking for any kind of crossing beneath the signal line. Investors in BCH should monitor the daily chart for any shifts in trend.

Conclusion

Over the daily price chart, the price of Bitcoin Cash is attempting to rocket higher with upward momentum. For the previous three trading sessions, the token has been steadily climbing, and it is currently attempting to keep up the uptrend as bears try to drag it lower. For the token to maintain its present level above the upward-sloping line over the daily chart, BCH bulls must accumulate themselves. In order to continue in the recovery phase, BCH is attempting to keep itself above an upward sloping line. However, bears are dragging the token beneath the sloped line in an effort to make it fall once more towards the lowest levels. Volume change is now below average and needs to rise in order for BCH to survive. Technical indicators point to the BCH bulls’ challenge to maintain above the incline. The MACD line is looking for any kind of crossing beneath the signal line. Investors in BCH should monitor the daily chart for any shifts in trend.

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing