- The BCH price is currently trading at $123.00 while seeing a change of 7.39% in 24-hour trading volume.
- The BCH price is observing a decline of 0.71% in the last 24 hours.
The BCH price is currently in the supply zone while trading under a consolidation. After finding support from the level around $104.0, the BCT coin gained buyers’ support and started moving under a bullish rally. But after facing critical rejection from $140.0, the BCH coin is making a bearish correction.
This might continue moving toward its next support level as the price is currently trading under the bear’s influence. The oscillators are also suggesting a bearish outlook in the near future, while the overall price action is moving on an uptrend below the 200 EMA.
The BCH price, after making a sharp bearish downfall, found support near $90.00 and made a recovery of 40% after making a bullish candlestick pattern. Although the sellers overpowered the price near $120.0, the price made a bearish three black crows candlestick pattern and a correction while losing 20% of its value.
BCT price trading under the supply zone on the (Daily Timeframe)
However, after finding support at $95 and making a short cup and handle-like pattern, the price changed its bear trend in the favour of bulls while making a higher high and higher low pattern. The price made an extremely bullish rally and gained 40% of its value back. After reaching the $140.0 mark, sellers started stepping in. The price, after making another attempt to cross the resistance, did not find the support of buyers and took a bearish turn, losing 27% of its value.
Technical Analysis ( 1 Day Timeframe )
The BCH price is currently trading under the 200 EMA. After making a bullish rally in early-January, BCH crossed above all its major indicators 20/50/100/200 EMA and made a golden crossover. Despite multiple attempts to cross above 200 EMA, Bitcoin Cash price was not able to achieve a breakout. As of now, the Bitcoin Cash price is trading below the 100 EMA while making a retest. If Bitcoin Cash takes a sharp rejection from its current level, it can make a downturn of 10%.
Technical levels –
Support -$110.0
Resistance – $140.0
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.
Source: https://www.thecoinrepublic.com/2023/03/30/bch-price-analysis-bch-price-may-make-a-downturn-correction/