Bitcoin Cash Price Prediction: Bulls Struggle Against Bears in Volatile Market

• The BCH is trading above the Daily Moving Average of 20,50,100,200 days
• The current price of BCH is approximately $133.40, having risen by 0.29% during intraday trading
• The pair of BCH/BTC is currently at 0.004718 BTC with a drop of 1.68% during the last 24 hours

Bitcoin Cash (BCH) is currently experiencing a tug-of-war between bulls and bears as both sides fight to get grip on the market of BCH. Despite attempts by bulls to push the price up, bears are trying to exert pressure to bring it down. It will also be difficult for buyers to endure the market if the bears turn a fresh leaf.

Currently, the price of BCH is approximately $133.40, having risen by 0.29% during intraday trading, with the BCH/BTC pair at around 0.005549 BTC. The bulls are fighting the hardest to maintain the upward pattern despite the fact that the bears might possess alternate strategies for BCH. It’s now time to wait to see who will accomplish their set goals.

If bulls manage to gain some upward momentum, the price may reach the primary resistance level of $136.12. And if the upward trend persists the price might reach the secondary resistance of $145.56. However, if bears take control, the price may drop to the primary support level of $110.51 or even the secondary support level of $96.35. The ongoing bullish trend might get a reversal the movement of the coin might move downward.

The current market conditions have made it challenging for investors to make decisions, especially with a 2.43% drop in volume, indicating increased selling pressure and weaker buying power. The volume-to-market cap ratio stands at 0.0807. The BCH is trading above the Daily Moving Average of 20,50,100,200 days

Technical Analysis of BCH

The technical indicator shows the following: The Relative Strength Index (RSI) is approaching overbought levels, currently at 54.84, higher than the average RSI of 46.79. Bulls are putting in significant effort to push the RSI towards the overbought region, but bears are also creating obstacles. The MACD and MACD Signal have intersected giving the positive crossover.

Conclusion

The Bitcoin cash market is currently experiencing a battle between bulls and bears, making it difficult for investors to make informed decisions. While bulls are attempting to push the price up, bears are exerting pressure to bring it down, with the volume dropping by 2.43%. Technical indicators reveal that the RSI is approaching overbought levels, indicating that bulls are putting in significant effort to push the price up. 

Technical Levels

Support Levels:  $110.51 and $96.35

Resistance Levels: $136.12 and $145.56

Disclaimer-

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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