•BCH/USD is currently priced at $117.96 and has increased by 0.85% over the past day
•The trading volumes have decreased by 9.93% over the past day
•The technical indicators suggest a period of consolidation for the near term
Short-Term View: Will the BCH bulls be able to break out of the clutter?
The Bitcoin Cash price today is $117.96 USD with a 24-hour trading volume of $176,576,206 USD. Bitcoin Cash is up 0.85% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.07811 for the altcoin.
Bitcoin Cash has experienced a shortage of buyers in the market in recent days, which has not helped matters at all as the bulls attempt to recover the asset from its slumber. The BCH Price is transacting above the 20,50 SMA on the four-hour chart but the asset needs a massive spike in buying pressure to invalidate the bearish stance. The support for the altcoin lies at $110 in the short term whereas the resistance stands at $125 in the event of a trend reversal. The decreasing positive sentiment validates the projected retracement and it may pick up once the BCH price starts moving up again.
Long-Term View for Bitcoin Cash
The RSI for BCH has come under bearish pressure over the past few days and stands poignantly at 43.78. Although the MACD and signal lines are transacting in the negative zone, there is a huge possibility of a bullish crossover occurring on the daily chart if the bulls continue with the rich vein of form. The red bars have continued to reduce in size, and a bullish crossover will act as a catalyst for the bulls to stage an uptrend that will be reflected in the histograms turning green.
Conclusion
The technical indicators for BCH point towards a period of consolidation for the altcoin. However, if the MANA Coin buyers are able to overcome the selling pressure from the supply zone, the asset could embark on an uptrend.
Support: $110-$100
Resistance: $125-$135
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.