Bitcoin Cash Price Trades Above $300 but Fails to Combat the Loss
Bitcoin Cash slips from its position amongst the top 5 cryptos of the market after a drop in the previous week and is now in the 6th position ranked after Litecoin. BCH, after testing weekly supports around 200-day daily MA, it rose from trading around $255 to a candlewick rise as high as $299, and with a stringent resistance at $300, it failed to rise above until yesterday evening.
It was until the 2nd half yesterday when Bitcoin was seen consolidating above $19k just before hitting a fresh ATH above $21k, dated December 16, 2020. In this respect, majorly all the altcoins, including BCH, the hard fork of the former spiked above $300. Even though the intraday has been reflecting a rise in the price of Bitcoin Cash, the negative sentiment coexists on the cumulative chart.
BCH price trend is seen drawing a flattish trend against the US Dollar irrespective of the intermittent rises and dips. However, we cannot ignore the fact that Bitcoin Cash is yet to gain stringent traction to regain and retrieve the YTD high.
Bitcoin Cash Price Analysis
At the press time, BCH was trading around $309 and was seen drawing an intraday positive sentiment, but the cumulative sentiment remains bearish as reflected by the MACD indicator. However, a persistent trade above $300 now that bulls power the largest cryptocurrency can soon lead to a bullish crossover.
With the intraday gain in price, the trend is now breaching the upper band and retains complete support from 50 & 200-day MAs after rising from weekly supports at $274 and $255.
As per Bitcoin Cash Forecast, we can see that the price trend of Bitcoin Cash drawing a bearish crossover as the coin pulled back from the recent high above $360 and traded below $300 just before the spike yesterday that led BCH price to hit a lower high at $319. Bitcoin Cash, just like any other altcoin, retrieved today after a sluggish movement observed the day before yesterday but is failing to combat the bearish crossover on the MACD chart.
The RSI of BCH is seen trading with an inclination to move towards the overbought region and is currently lying at 59.88, which reflects an increase in demand due to intraday gain.