- Bitcoin Cash price has been locked within the horizontal range above the daily chart.
- BCH Crypto is trading at 20 EMA but still below the daily moving average of 50, 100 and 200 days.
- The BCH/BTC pair is trading at 0.006045 BTC with an intraday gain of 0.19%.
As Bitcoin, the market’s main ruler, has fallen below the psychological $20,000 threshold once again and is currently teetering around $18,700, the entire cryptocurrency market is experiencing a challenging period. Bitcoin Cash price, which has fallen to $112 and is currently stagnating at the bottom trendline of the consolidation phase, is no different from other cryptocurrencies that are experiencing the same fate as Bitcoin (BTC). The BCH coin needs to attract more buyers as it attempts to hold the bottom trendline of the consolidation phase. The token must move forward and avoid access by short sellers.
Bitcoin Cash is currently valued at $118.05 and has increased its market cap by 0.15% over the past day. However, trading volume declined by 3.35% during the intraday trading session. This shows that sellers are motivated to lower the price of BCH coins. The volume to market cap ratio is 0.07052.
As the price of the BCH coin dips to lower levels, the bulls are hoping to stay at current levels to help the token move back into the consolidation phase. However, the volume change is below average and needs to be increased during the intraday trading period. To free the token from short-seller access, BCH bulls need to come forward.
Technical indicators towards?
According to technical indicators, the BCH cryptocurrency is struggling to change momentum. However, the consolidation phase of the BCH coin is highlighted by the Relative Strength Index. The RSI is currently flat at 49 and is struggling to stay below neutrality. On the MACD, the BCH coin moves horizontally. The chart shows a change in direction when the MACD line crosses the signal line. BCH investors need to keep an eye on the daily price chart to spot any trend changes.
Conclusion
As Bitcoin, the market’s main ruler, has fallen below the psychological $20,000 threshold once again and is currently teetering around $18,700, the entire cryptocurrency market is experiencing a challenging period. Bitcoin Cash price, which has fallen to $112 and is currently stagnating at the bottom trendline of the consolidation phase, is no different from other cryptocurrencies that are experiencing the same fate as Bitcoin (BTC). To free the token from short-seller access, BCH bulls need to come forward. Technical indicators point to the BCH cryptocurrency’s struggle to change momentum.
Technical Levels
Support levels: $115.00 and $110.00
Resistance level: $125.00 and $150.00
Disclaimer
The views and opinions of the author or those referred to in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets involves risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own bank and break away from traditional money exchange systems. She is also fascinated with blockchain technology and how it works.
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