The outlook for Bitcoin Cash price (BCH) indicates a downtrend in its price, with efforts being made to reverse the current situation. Nevertheless, the cryptocurrency requires an influx of buyers to strengthen its position by securing support from the 50-day exponential moving average. Following an attempt to regain ground by reaching $329, the price of BCH has been on a decline, causing investors to anticipate the commencement of its recovery phase.
At this juncture, the focus is on the potential role of the 50-EMA in bolstering BCH’s resurgence, particularly when examining its performance on the daily timeframe chart. It’s worth noting that ongoing developments in the larger cryptocurrency market and regulatory landscape could significantly impact BCH’s trajectory, making it imperative for traders and investors to remain attentive due to the inherent volatility in the crypto market.
Bitcoin Cash price was at $228.07 and has lost 0.31% of its market capitalization during intraday. Trading volume fell 34.67% through the session indicating that sellers are accumulating in an attempt to pull BCH crypto downwards. Volume to market cap ratio was 3.58%.
Bitcoin Cash Price Prediction: Technical Indications
Bitcoin Cash price prediction indicates the fall of BCH crypto over the daily time frame chart. Meanwhile, BCH has been trying to gather support but failed to gain a strong uptrend momentum. Bitcoin Cash cryptocurrency needs to attract buyers in order to surge towards from the primary resistance level of $233.20. However, volume change can be seen below average and needs to grow in favor of buyers.
Currently, the BCH cryptocurrency is positioned beneath the 20-day exponential moving average (EMA) as it strives to maintain its position above the 50, 100, and 200-day daily moving averages. Over the span of a week, the price of Bitcoin Cash has recorded a modest increase of 0.43%, yet it has seen a decline of 19.09% within a month.
BCH crypto has exhibited significant growth, registering a notable 101.96% gain in the past three months and an impressive 85.95% rise in the last six months. Furthermore, its year-to-date performance showcases a substantial increase of 135.52%. These statistics provide strong evidence of Bitcoin Cash’s considerable recovery throughout 2023.
Technical indicators suggest the declining momentum of BCH cryptocurrency. Relative strength index (RSI) and moving average convergence divergence (MACD) indicates the slippage of BCH crypto.
RSI was at 44 and is trying to remain above the oversold territory. The MACD is below the signal line waiting for a positive crossover. Investors in Bitcoin Cash cryptocurrency need to wait for any directional change over the daily time frame chart.
Summary
The outlook for Bitcoin Cash price (BCH) indicates a downtrend in its price, with efforts being made to reverse the current situation. At this juncture, attention is focused on the potential role of the 50-EMA in bolstering BCH’s resurgence, particularly when examining its performance on the daily timeframe chart. Bitcoin Cash cryptocurrency needs to attract buyers in order to surge from the primary resistance level of $233.20. Technical indicators highlight the declining momentum of BCH cryptocurrency.
Technical Levels
- Support Levels: $227.05 and $222.70
- Resistance Levels: $233.10 and $245.30
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 or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/12/bitcoin-cash-price-prediction-will-bch-crypto-rebound-or-slump/