- Bitcoin Cash trading volume in last 24hr at the time of writing this article is +0.48%
- BCH/BTC and BCH/ETH price at the time of writing this article is 0.013BTC and 0.179ETH
- The price taking support on the 50MA
LONG term view:-
Looking at the daily chart time frame we can see the double bottom pattern happened meaning the price can go both up or down. If the price is close to the neckline then the movement can turn bullish or else the price can change the movement to bearish. Let’s look at the technical indicator to see if the price is going towards the neckline or bearish. Firstly we can have a look at MACD Which is showing red histograms, meaning that the MACD line is below the Signal line and there is no sight of the MACD line turning towards the Signal. In addition to that we can see the RSI is in a neutral zone near 48, meaning the price can go up or down depending on the sentiment of the people. Lastly we can see that the Moving Averages, both 20MA and 50MA are currently above the 100MA and the price is taking the support on 50MA bulls are not giving up trying to push the price up.
SHORT TERM VIEW:-
When we look at the 4hr time frame. We can see the MACD is Showing a green Histogram, meaning the MACD line is above the Signal line but both lines are close to each other meaning the trend can change any movement. In addition to that RSI is in a neutral zone near 49, meaning the price can go up or down, There is a penalty room for the price to move. There is also a double top pattern happening which is a very bearish pattern. Lastly we can have a look at the Moving Average, 20MA and 50MA is currently below the 100MA which is bearish and 20MA is below the 50MA.
CONCLUSION:-
When looking at both the long term view and short term it’s very different. The Daily chart shows a bullish trend and 4 hr shows a bullish bear can be turned into a bearish anytime with the right volume of bears. The bulls will try to push the price near the resistance and if the price is able to break the resistance then it will be a huge bullish move or else the bears will drive the price down.
RESISTANCE:-$708,$765
SUPPORT:- $602,$544