- Bitcoin cash is trying to rebound after shape profit-taking, but still, bears are overpowering over the monthly chart.
- The digital asset is trading below all vital moving averages of 20, 50, 100, and 200-day, while 20-day moving averages are a substantial hurdle.
- The pair of BCH/BTC is trading flat at 0.0133 BTC with an intraday loss of -1.45%, and the ratio of BCH/ETH is CMP at 0.2169 ETH with a loss of -3.48%
Over the monthly chart, the Bitcoin cash token is trading on a bearish note and making lower lows and lower highs. The coin has now formed a bullish engulfing candle over the daily chart, and the volume is lower and falls below the average line. The coin is trying to recover from the lower levels, but the coin fails to suppress its 20-DMA. However, once the coin starts to sustain above 20 and 50-DMA with good volume, it will boost more buyers in upcoming trading sessions. Support on the lower side is at $380 and $340, whereas resistance on the higher side is $540 and $610.
Bitcoin cash token is trying to rebound over the weekly chart, and then bounce back is not very strong. Moreover, the coin at the weekly chart seems oversold, and the pullback can be used to short the coin with proper stop loss. After a strong downtrend, the coin is now trying to recover, but the volume is not supported. Similarly, the technical parameters are rebounding from the oversold zone, and a short-term pullback is expected. Presently, BCH is trading at $427 with an intraday gain of +6.54%, and the volume to market cap ratio is at 0.139.
Relative Strength Index (Bullish): Bitcoin Cash token RSI presently indicates a bullish or positive trend over the weekly chart. In contrast, the RSI is trying to rebound after testing the oversold zone and now heading higher CMP 55.
Moving Average Convergence Divergence (Bullish) currently indicates a positive or bullish trend on the daily chart. This is because the buyer’s signal line (green) overlaps the seller’s line (red).
Support levels: $380 and $340
Resistance levels: $540 and $610.