- Bitcoin cash has given a breakdown below the major moving average line of 200-Day, while the short-term moving averages are turning bearish.
- The crypto asset is trading below all vital moving averages of 20, 50, 100 & 200-Day lines and now trying to build a bullish hammer candle from lower levels.
- The pair of BCH/BTC is trading under minor pressure at 0.01267 BTC with a 24-hour change of -0.29%, and the ratio of BCH/ETH is CMP at 0.1788 ETH with an intraday loss of -1.46%.
Bitcoin cash extended its bearish momentum over the monthly chart, as the token price plunged below major support lines. The crypto asset at the monthly chart dropped below its vital moving average of 20, 50, 100, and 200-day lines. However, the volume activity is also lower and recorded near the average line, which is creating divergence with bearish momentum.
The short to medium-term trend is still bearish until the token is sustaining below its 100 and 200-DMA lines. Likewise, the short-term moving average line of 20 & 50-DMA lines are heading for a negative towards the 100 & 200-DMA lines. Support on the lower side is $510 and $440, whereas resistance on the higher side is $660 and $720.
Bitcoin cash CMP under oversold zone and witnessing buying interest
Bitcoin cash price CMP under the oversold zone and now witnessing gradual buying interest from lower levels. As the technical parameters are under the oversold zone and no fresh short is recommended, although short should be covered. We can see some buying interest from current levels, as the counter is oversold, and bounce back is expected. Bitcoin cash price is trading at $551 with an intraday action of -3.03%, and the volume to market cap ratio is at 0.5981.
Relative Strength Index (OVERSOLD): Bitcoin cash RSI is trading under the oversold zone over the weekly chart. In contrast, the RSI is trying to rebound after a sharp fall from the higher side, and a minor pullback is expected, CMP at 27.
Moving Average Convergence Divergence (BEARISH): The daily chart indicates a bearish trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) heading towards the seller’s line (red), for a positive crossover.
Support levels: $510 and $440
Resistance levels: $660 and $720