BCH Price Analysis: Will BCH Price Favor the Bears?

BCH price is currently trading at $131.00 while seeing a change of 1.97% in 24-hour trading volume.

Bitcoin Cash is observing a decline of 2.02% in the last 24 hours.

Presently, the price of BCH is trading under the bear’s influence; the overall trend for BCH is bullish. It has been respecting its trendline for the past 6 months trading on a bull trend. Recently, the price has been struggling constantly to break above the severe resistance from 200 EMA. However, it has not been able to find any success as of yet.

As of now, the BCH price is taking a downturn after facing rejection from its long-term resistance 200 EMA near $135.0. The price is taking a bearish reversal with a long red engulfing candle which suggests that there is a strong presence of sellers in the market, there is also an increase in red volume candles reflecting the seller’s existence in the price action on the daily timeframe.

BCH price is facing critical resistance from major key EMA’s

Source: BCH/USDT by TradingView

As per the Greed and Fear index provided by the Alternative(dot)me, the market sentiments are observing a sharp decline since the last week. At present the sentiments are trading at the neutral level of 50 points seeing a decline of 8 points within the last few days.

The majority of the market is trading under the seller’s dominance with a significant presence of 50 to 76% across the majority of the cryptocurrency exchange platform.

Technical Analysis ( 1 Day Timeframe )

Source: BCH/USDT by TradingView

After facing rejection from the 200 EMA near mid-April the BCH price at present is trading 8% below it. Presently the price is making a retest from the 100 EMA however as there is a strong presence of sellers in the price BCH might continue making the bearish correction. If the price takes rejection from the current level it can make a downturn of 8% further.

The stochastic RSI is trading near the oversold levels below 30 points. The current value of stochastic RSI is 24.70 points. The RSI line is trading below the median line at 43.50 points.

Conclusion

As of now, the price of BCH is giving a strong indication of making a bearish correction. The Bitcoin Cash price is trading below the 100 EMA while making a retest. The current support levels for the BCH price are around $126.0 and its major support level is at $116.0. The resistance point for the price of BCH is near $125.0 and its major resistance is at $136.0.

Technical levels –

Support –$126.0 and $116.0

Resistance – $125.0 and $136.0

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.