Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Bitcoin Cash price action indicates bullishness, as BCH crypto keeps the gains on the upper side in the bullish zone and ignores the rejections. The bears are still making short positions and trying to cause a pullback in the crypto.
Bitcoin Cash crypto displayed bullishness and kept holding the gains above the top. Bulls are accumulating the crypto and getting ready to cross $250 in the next sessions.
The chart formation shows the bulls’ momentum and signals a positive outlook on the charts. BCH crypto is aiming to achieve a breakout soon, and investors are watching it closely.
The price action shows a strong chart structure with buyers’ dominance, and long buildup activity was noted in the past trading sessions. Furthermore, sellers were trying their best to down the stock.
Bitcoin Cash’s price was at $235.13 and had a drop of 0.63% of its market capitalization during the day’s trading session. The last 24-hour trading volume was 153.952 Million. However, the chart shows that buyers are trying to accumulate to surge toward the upper price range.
Technical Analysis of Bitcoin Cash Crypto Price in 1-D Timeframe
Bitcoin Cash ( NYSE: BCH) has steadily seen its crypto price rise for the past three months, gaining 2.72% and 8.42% in the last month. Currently, BCH crypto has been trying to hold on to this level after an unexpected surge in price.
Currently, Bitcoin Cash crypto (NYSE: BCH) is trading above the 50 and 200-day EMAs (exponential moving averages), which are supporting the price momentum.
The current value of RSI is 44.88 points. The 14 SMA is below the above line at 51 points which indicates that the Bitcoin Cash crypto is neutral as of now.
The MACD curve at 0.77 and the signal curve at 2.43 are above the zero line. A bearish crossover is observed in the MACD indicator which signals weakness in the momentum of the BCH crypto price.
Weekly-Time Horizon Analysis
Bitcoin Cash crypto has shown a neutral outlook on the weekly charts. Moreover, the price sustains above the key EMAs, which shows further strength in the crypto. The RSI curve is near the overbought region at 57, and a positive outlook was noted, indicating bullishness in the crypto. The MACD indicator also persisted to form green bars, and a bullish crossover was noted, which signals bullish moves.
Summary
Bitcoin Cash (NYSE: BCH) technical oscillators also support the bullish trend. The MACD, RSI, and EMA are emphasizing positive signs and imply that the uptrend may continue in the BCH crypto price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment. However, investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
Support Levels: $223.32 and $203.65.
Resistance Levels: $258.00 and $270.00.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Source: https://www.thecoinrepublic.com/2023/11/13/bitcoin-cash-crypto-bch-crypto-preparing-to-smash-300-mark/