- BCH coin price has risen to the supply zone and now it is hovering around it.
- The BCH coin is forming a rounding bottom pattern on a daily time frame as the coin continues the bullish momentum
- The pair of BCH/BTC is trading at the price of 0.00658 with an increase of 0.50% in the past 24 hours.
BCH coin price has been on a bullish trajectory for the past one trading week, as per the price action. The coin has stormed past every small resistance and now it is trading at the major supply zone. As the bulls continue to pump the price higher, investors should remain cautious because the coin price can face rejection at the long-term supply zone. The coin price has shown a U- shaped recovery from the downtrend. The coin price is yet to change price structure. The BCH coin price is still forming lower low and lower high formation on higher time frames. The BCH coin price is trading below the 100 Moving Average. At present, the coin price has given a breakout of 50 and 14 Moving Average. Going upward the coin price can face rejection of 100 MA. And if the coin falls it can take support at 50 and 14 MA. At present, the coin price is trading at the upper band of the Bollinger band indicator. The coin price bounced off the lower band of the Bollinger band indicator forming a strong reversal candlestick pattern. Volumes have been normal despite the bullishness in the price of the BCH coin, therefore a particular trend could go on for a longer time. Investors should expect lower volatility.
The BCH coin price has formed a flag and pole pattern on an hourly time frame
Relative Strength Index: RSI curve is trading at the price of 66.59 as the coin nears the supply area. The coin is forming higher low and higher high formation on an hourly time frame as the coin shows bullishness in the higher time frame. The BCH coin price can be seen moving when it breaks out of the rounding bottom and the RSI curve moves higher. At present, the RSI curve has crossed the 20 SMA.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the coin gave a breakout of the supply zone. The blue line crossed the orange line on the upside. This has resulted in the coin price moving up strongly. Recently the BCH coin price fell after the breakout of small resistance, as a result, the MACD indicator also depicted the same. Once the coin price starts moving up again after retesting, the gap between the blue and orange lines can be seen widening supporting the trend.
Supertrend: The BCH coin price rose above the supply zone with a strong bullish candlestick pattern. The coin broke out of the super trend sell line which triggered the buy signal. As of now the BCH coin is trading above the super trend buy signal line. Going forward this line could act as a strong support zone.
CONCLUSION: BCH coin price has been on a rise in a higher time frame. While on a lower time frame the coin has started consolidation near the long-term supply zone of $160. The technical parameters suggest the same. Now it remains to see if the coun breaks the supply zone or bears trample the price.
SUPPORT: $140 and $137
RESISTANCE: $160 and $163
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.