- Bitcoin cash price seems to be oversold after a sharp selloff from higher levels, and a base formation is observed between $700-$760
- BCH is trading above all the critical moving averages of 20,50,100 and 200-Day and now trying to defend SMA of 20-Day
- The pair of BCH/BTC is also trading positive over the daily chart, standing 0.01619 BTC with intraday gains of +3.68%
Bitcoin cash price seems to build its new support zone around $700-$760, after a sharp selloff from higher levels. Meanwhile, after testing the mark of $1210, sharp profit-taking is observed from higher levels. While the coin is trading in a downtrend, trying to sustaining above all significant and essential moving averages of 20,50,100 and 200-DMA. Similarly, good volume activity is observed over the monthly chart and indicates more participation of buyers and sellers over the period. Support on the lower side is $680 and $620, while resistance on the higher side is $1050 and $1210.
Over the daily chart, Bitcoin cash price at the 4-hour time frame after a breakdown from the symmetrical triangle pattern is now trying to recover from lower levels. BCH is currently trading at $810 with an intraday loss of -5.00% and while volume also decreased over -33.40%, standing at $5,097,042,140. Meanwhile, the total market capitalization stands at $15,186,497,154, with intraday gains of+4.27%. Support for the short term is placed at $760 and $700, while resistance at $1050 and $1140.
Relative Strength Index (NEUTRAL) indicates sideways momentum while trading at 41.62. However, after a sharp selloff, BCH is now trading flat with no significant sign of momentum.
Moving Average Convergence Divergence (NEUTRAL) currently indicates a sideways trend on the daily chart, as it is trading on a mix note of the seller’s line (red) and the buyer’s signal line (green) overlapping each other. However, both the lines overlap each other, and clear momentum is not expected.
Support levels: $680 and $620
Resistance levels: $1050 and $1210.