BCH Trades Above $220, Gets Grounded Support from Short-term MAs

  • Bitcoin Cash falls from a price peak of $243.2 to $222.2 in a span of 7 days
  • BCH price is supported by the short-term moving averages
  • Bitcoin Cash is trading persistently above $200 since past three days, despite sailing under utter selling pressure

Bitcoin Cash (BCH) price exhibits the S/R flip as it is currently trading above $220 as compared to yesterday’s closing price, which was around $218 price area. However, currently, $220 is major support, which will eventually lead to the pumping up of market cap and 24-hour trading volume of BCH coin. The crypto market is currently trading in green, and so is Bitcoin Cash; however, the growth percent seems to be lowered down.

Bitcoin Cash Price Prediction:

Bitcoin Cash Price Chart
BCH Price Chart By TradingView

Taking a glance through the 7-day movement of BCH/USD on Kraken, we see that the coin had hit bottom at $192.6 in the said time frame. It was just when BTC price took a downturn around $6,800 to soar at $7,350 on November 25, 2019, showing an exceptional gain of over 10%. However, the growth of the BCH coin seems to be comparatively slower. BCH price did rise from the pit at $192.6 but could only spike around $205. As per BCH Predictions, the price of BCH is likely to peak in the future. Investing in BCH for the short term may not be that fruitful as the long-term will be.

Later, Bitcoin Cash price soared at $225.5 from $192 and $203, showing a growth of over 17% and 11% within a day, respectively.

Currently, it is trading at $222.2 with grounded support from the 5-day and 10-day SMA and EMA around $220, $217 and $216 price area.

The long-term moving averages are still inconsiderate to the current price trend of BCH, and therefore, the selling pressure is quite prominent.

The MACD of the coin, just like any other altcoin, is bearish only with the signal line and MACD line moving jointly and adjacently to zero.

The RSI of Bitcoin Cash is at 63.67, holding an inclination towards the overbought region as it is trading above $220 but has not yet hit the same.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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