Bitcoin Cash Trades Above $300 But Holds Bearish Divergence

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Bitcoin Cash celebrated its 3rd anniversary just at the onset of the ongoing month and is getting closer to fulfilling the vision with each passing day. BCH, with its reach and adoption till date, is ranked amongst the top 5 cryptos of the market, holding a market capitalization of over $5.75 billion.

BCH started the month with an extended uptrend since the last week of the previous month, and with an immediate bearish candlewick, the coin tested supports as low as $245 against the greenback.

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Bitcoin Cash Price Analysis

Bitcoin Cash News
BCH/USD Chart By TradingView

Bitcoin Cash, at the time of penning down this analysis, was trading above $300 at $318 against the US Dollar, but the bearish intraday sentiment has led to appearing towards the 20-day lower Bollinger Band. After a notable consolidation, BCH/USD spiked from trading below $300 at $290 to edging above $310 and $315.

The 20-day Bollinger Bands laid are not withholding any trading extremities, but the bearish candlewick draws intraday bearish bias. Despite the negative sentiment, the Bitcoin Cash price is retaining support from 50-day and 200-day MAs at $304 and $297 respectively on the hourly chart.

The MACD chart holds a bearish divergence as the signal line crosses above the MACD line due to intraday corrections. However, the pullback is not too steep to reflect a negative RSI, and therefore, it lies at 57.58. The immediate and imminent support for BCH lies at $300 and $320, respectively.

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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