Bitcoin Cash price Analysis: BCH Trading at 2019 Lows After Getting Rejected from the Consolidation Phase

  • Bitcoin Cash price fell below a horizontal range-bound area over the daily price chart.
  • The crypto asset is trading below 20, 50, 100 and 200-days Daily Moving Average.
  • The pair of BCH/BTC is at 0.005219 BTC with an intraday drop of 3.08%.

Bitcoin Cash price traded through some interesting patterns over the daily price chart. The price of Bitcoin Cash cycled through various strange chart patterns over the course of a day. A sinking channel on the chart was the catalyst for the crypto asset’s collapse. The bulls attempted to accumulate when BCH entered a consolidation period within a horizontal range, but were unable to sustain the breakout from the range-bound area, and the price began to decrease again. BCH coin is presently trading below the consolidation phase as bulls failed to sustain and BCH fell below as a result of peer selling pressure. To register the token’s successful breakout on the daily chart, bulls must now gather. Bears, on the other side, may stifle BCH’s upward trend and drive the coin to collapse.

Bitcoin Cash price is presently CMP at $110 and has lost 3.89% of its market capitalization in the last 24-hour period. Trading volume has slightly decreased by 0.33% in the intraday trading session. Bears are again coming forward and BCH may experience short selling during the intraday trading session. Volume to market cap ratio is 0.7812.

BCH coin price is trying to retain its uptrend momentum to surge towards the consolidation phase. However, bulls failed to sustain and BCH faltered to gain the uptrend momentum. Volume change can be seen below average and needs to grow in the intraday trading session. BCH bears are trying to accumulate and pull the token down. This signifies that BCH may fall significantly over the daily price chart. 

Will BCH make it inside the Consolidation Phase?

BCH coin price has been trying to retain its uptrend momentum over the daily price chart. The token falters to regain and bears are still trying to pull the token back. Technical indicators suggest the downtrend momentum of BCH coin. Moreover, supertrend showcases the downtrend momentum of BCH coin. Relative Strength Index forecast that BCH is being oversold at the moment. RSI is at 22 and BCH investors need to wait until RSI gets back from the oversold territory. 

MACD exhibits the bearish momentum of BCH coin. The MACD line is below the signal line after a negative crossover.


Conclusion  

Bitcoin Cash price traded through some interesting patterns over the daily price chart. The price of Bitcoin Cash cycled through various strange chart patterns over the course of a day. A sinking channel on the chart was the catalyst for the crypto asset’s collapse. However, bulls failed to sustain and BCH faltered to gain the uptrend momentum. Volume change can be seen below average and needs to grow in the intraday trading session. This signifies that BCH may fall significantly over the daily price chart. Technical indicators suggest the downtrend momentum of BCH coin. RSI is at 22 and BCH investors need to wait until RSI gets back from the oversold territory. 

Technical Levels

Support Levels: $100

Resistance Levels: $130

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.