BCH Price Analysis: Bulls are in action after defeating the mighty bears

The token is facing resistance at 200 EMA on the daily time frame.
The pair of BCH/USDT is trading at the price level of $133.60 with a gain of 0.60% in the past 24 hours.

The Bitcoin cash (BCH) token was trading in a long-term downtrend, with bears pushing the price of the token lower, forming lower highs and lower lows, but the trend has now flipped and bulls are driving the price of the token high.

BCH token on the daily chart

With strong bullish momentum and high volume, the token has broken out of the Descending triangle pattern in an upward direction. According to the daily chart, BCH token is currently trading at $133.60, up 0.60% in the last 24 hours. It is trading between its two key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The token is facing resistance from the 200 EMA and is yet to break through it.

Relative Strength Index:The asset’s RSI curve is currently trading at 76.98, indicating that it is in a strong overbought zone. The recent increase in the token price has increased the value of the RSI curve. The RSI curve has crossed above the 14 SMA, indicating bullishness. If the token will break and sustain above the 200 EMA and the bullish momentum continues, the RSI curve will remain in the overbought zone.

Analyst view & Expectations

Between the fight of the bulls and the bears, the bulls have won and are driving up the price of the token. Investors who want to buy can do so, but those who want to trade safely should wait for the token to break and sustain above the 200 EMA on a daily time frame. Intraday traders, on the other hand, have a good opportunity to go long and book profits based on their risk-to-reward ratio.

According to our current Bitcoin Cash price prediction, the value of Bitcoin Cash will fall by -4.88% and hit $ 127.03 in the next few days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 52. (Neutral). Over the last 30 days, Bitcoin Cash had 18/30 (60%) green days and 10.80% price volatility. According to our Bitcoin Cash forecast, now is a good time to buy Bitcoin Cash.

Technical Levels

Major support: $118.35 & $125.95

Major resistance: $135.65 & $156.50

Conclusion

According to the price action, the token is looking strong, with bulls driving up the price and forming a bullish chart pattern. Investors who want to buy now can do so by managing their risk.

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