- BCH/USD is currently priced at $104.95 and is up by 0.30% over the past 24 hours
- The trading volume has seen an increase of 9.04% over the last day
- Nascent bullish momentum seen in BCH as the coin trades above the 20,50 SMA
Short Term View: Bitcoin Cash bulls adamant on limiting the losses
The Bitcoin Cash price today is $104.95 USD with a 24-hour trading volume of $1,289,935,390 USD. Bitcoin Cash is up 0.30% in the last 24 hours. The trading volumes have increased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.6432 for the altcoin.
Bitcoin Cash is trading significantly below its all time high of $4,355.62 which it reached on Dec 20, 2017 but is currently showing some strength as it looks to break out of the clutter. The trading volume has been on the rise over the last day as well and the technicals for the altcoin suggest a nascent bullish trend developing in the asset. Bitcoin Cash Price is currently transacting above the 20,50 SMA on the 4 hour chart. Strong upside resistance resides at $110 for the asset while the support lies at the crucial mark of $100 which the bulls will need to defend dearly.
Long Term View for Bitcoin Cash Price
RSI for Bitcoin Cash is currently transacting at 32.57 after recovering from its oversold positions. As a result of today’s price action, the RSI line has moved above the 14-day average line as well. On the other hand, the green histograms have shown signs of recovery on the daily chart, whereas the gap has also widened between the MACD and signal lines on the daily chart. The altcoin is in the nascent stages of its recovery and looks poised to withstand the bearish pressure.
Conclusion
A period of accumulation beckons for Bitcoin Cash which would bring a consolidation move around $110-$120 with the eventual breakout upward over the next few months expected.
Support: $100
Resistance: $110
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.
Be the first to comment