Price Analysis

Bitcoin Cash (BCH) Seems to Trade with Illusion

  • Bitcoin Cash records over 8% gain from dipping at $192.2 to currently trading around $209.1
  • BCH soars as high as $216.5 just when Bitcoin hit above $7,300
  • Gains slight support from the short-term MA, while still trading under selling pressure

Bitcoin Cash records a notable growth after having tested the supports near $200 and even below $195 when it bottomed out at $192 within the past 2 days. Having received slight support from the short-term MA, the coin is exhibiting a wavy pattern on a half-hourly 2-day chart, data feed from Kraken. A clear picture as to this is an illusion or reality will only be drawn once the coins start having a determined trade above their key support levels.

Bitcoin Cash Price Prediction

Bitcoin Cash Price
BCH Price Chart By TradingView

Analyzing the 2-day movement of BCH/USD, we see that the coin has been trading in a wavy pattern; aligned to the Elliot Waves. As per the pattern drawn by the Bitcoin Cash price trend, the price is expected to go up until there happens to be a major break down subject to volatility. Within the two-day time frame, the BCH coin has been traded in the price range of $192.2 to $216.5.

Having gained support from the 5-day SMA and 5-day EMA around $208 and $211 respectively, Bitcoin Cash is currently trading at $209.1 (at the time of writing). This cannot be really considered a real move as the selling pressure is still inherent. As per the moving averages, the BCH coin has no support from the long-term moving averages, which may leave the supports around $210, $205, and $200 to be worthless.

Technical Indicators

The MACD of BCH is running bearishly as the signal line is moving adjacent to zero, and the MACD line seems to have been overpowered by the same.

The RSI of Bitcoin Cash is at 41.49, which shows no extremities at present. With this, the market cap and the 24h trading volume has seen a slight fall, which we assume to be the illusionary trade.

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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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