Analytics

BCH Technical Analysis: With SELL Signals Gaining Momentum, Time to Book Profit

Bitcoin Cash is a peer-to-peer electronic cash system that aims to become sound global money with fast payments, micro fees, privacy, and high transaction capacity (big blocks). Bitcoin Cash (BCH) payments are sent directly from one person to another, similar to fiat currencies. It can be used to pay participating merchants for goods and services in-store and online.

BCH has been showing some interesting technical analysis moves.

Past Performance of Bitcoin Cash

The BCH price had touched its price peak on November 7th at $721.23.

In the last 24-hour, the BCH price has dropped by 9.47%. It happened as the price touched a high of $619.19 and a low of $542. Moreover, the opening price was $617.4, while the closing price was $556.5.

Source: https://www.tradingview.com/x/Tkt9ozKR/

BCH Technical Analysis

The current hodlers are advised to sell on the grounds of negative oscillator indications.

The price didn’t manage to crack above the 200-period simple moving average, which keeps acting as a dynamic resistance.

The On-balance Volume is showing a downward trend in volume from 2.92M to 2.9M today.

RSI has also dropped below the 50% mark, losing strength in the chart, giving a SELL signal momentum.

Under the MACD, the trend line has started sloping downwards with the signal line fast catching up, though still hovering above it. It means the momentum to sell is gaining traction, though not fast enough.

Price Trends for the Day-Ahead and Tomorrow

The price is now hovering around the $590-$570 range, not having gone down. According to the 4-hours chart, BCH is finding support around the 50-period simple moving average, as the bullish movement from the lows of October 27 remains alive. Yet, the price will look grim for a day or so.

It has yet to come near support levels of $513.23 or below $428. This is good news and the momentum still seems intact. With the continued support of volumes, you can look at resistance levels of $643.95, $680.23, and $740.88.

   

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