- The BCH token price is trading above the long-term demand zone on a daily time frame.
- The BCH token price is forming a flag and pole pattern on a daily time frame.
- The BCH/BTC is trading at the price level of 0.00001541 with an increase of 0.97% in the past 24 hours.
According to the price movement, the BCH token price is developing a bullish chart pattern. The token price was observed getting bullish as it quickly moved out from the demand zone. On a daily time scale, the BCH token piece is generating higher highs and higher lows. The token price is still negative on a weekly time period as it produces a lower low and lower high price structure.
The price of the BCH token is forming a chart pattern while stabilising close to the supply zone. The 50 and 100 Moving Averages are now trading below the price of the BCH coin. During the previous selloff, the token price dipped beneath the significant MAs, and ever since then, it has been unable to rise above the 50 and 100 MAs.
The token price is shown to be facing a significant expulsion of these MAs as it moves upward. The price of tokens is now trading at the Bollinger band’s upper band. This occurs after the token price made a strong rebound from the bottom band. Investors should exercise caution and wait for the right signal as a result of rising volumes and rising volatility.
The BCH token price is forming a flag and pole pattern on a daily time frame
Supertrend: The BCH token price is trading at the supply zone, after bouncing off the demand zone. Recent bullishness has resulted in the token price breaking the super trend sell line which was acting as a strong supply zone. The recent breakout has resulted in the formation of a super-trend buy line. Moving upwards the token price can be seen resting at the super trend buy line.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token gave a breakout of the supply zone. The blue line crossed the orange line on the upside. This has resulted in the token price moving up strongly in a 4-hour time frame. Recently the BCH token price fell after the breakout of long-term resistance. As of now, the token price has started moving up again after bouncing off the demand zone and as a result, the gap between the blue and orange lines can be seen widening supporting the trend.
Average Directional Movement Index: ADX has been continuously rising as the token price broke an important supply zone and bounced after retesting. As of now, the token price is trading above this important demand zone. The breakout zone is now acting as a strong demand zone. At present, the token price is trading in a strong momentum, and if the same continues the token price can be seen moving higher in the upcoming days. ADX curve has dipped out of the 20 mark.
Conclusion: BCH token price is in an uptrend on a larger time frame. While on a smaller time frame the token is consolidating in a small range. The technical parameters are also seen supporting the trend as they turn bullish. Investors should wait for a confirmation of the recent 10% in the past 72 hours gains and then act accordingly.
Support: $116 and $113
Resistance: $119 and $121
