Bitcoin Cash Price Struggles at $110; Will BCH price retest $100?

• Bitcoin Cash Price fell 5% approx after Bitcoin price dropped below $28K.
• BCH Price near the demand zone and struggles to defend $110.
• Bitcoin Cash Price prediction suggests a rise till it sustains above $100.00 level.

Bitcoin Cash Price fell 5% approx after crypto market leader Bitcoin Price dropped below $28,000. It has hurted the sentiment of the long term investors and negatively impacted the other Altcoins. 

BCH price is near to the lows of March month and buyers are trying to defend to $110.00 support. Bitcoin Cash price rejected the 200 day EMA and also dropped below the 50 day EMA. It shows the short term trend as well as the positional trend is in the downward direction. 

However, the prices had corrected a lot and were approaching the demand zone. Therefore, the correction might take halt and price is expected to enter consolidation. 

Bitcoin Cash Price Prediction remains bullish and suggests a rise in the long term till it sustains $100 level. BCH price is quite volatile and has a correlation of 0.42 with BTC price. Therefore, if the overall market recovers then it may positively impact the price of Bitcoin cash. 

Bitcoin Cash Price is trading at $110.90 with an intraday decline of -0.18%. The 24 hour volume to market cap is 5.27% which shows BCH is high liquid. The pair of BCH/USDT is trading at 0.0002 with an intraday rise of 0.25%. 

The chart structure of BCH with the BTC pair is in downtrend and hitting the fresh yearly lows. It indicates sellers are more active in BCH/BTC pairs as compared to USDT pairs. 

Will Bitcoin Cash Price take U-turn again?

Bitcoin Cash Price tried multiple times to break out of the $140.00 hurdle but got rejected. It indicates strong sellers are active and dominating on the higher levels. At the beginning of March, BCH price witnessed sharp profit booking and decline with a strong momentum. 

However, the downfall took halt near $110.00 and formed a bullish hammer candle. Later prices recovered and tried to regain the 200 day EMA but it failed again and reversed in downward direction. 

Presently, Bitcoin Cash Price is near to the previous swing low and buyers struggle to defend the support. If buyers succeed to defend $110.00 level then probability of the rebound will increase. However, if the price dropped below $110.00 then bears may try to drag it down to $100.00.

BCH Price downside seems limited

BCH price is forming a bearish pattern on a daily and weekly time frame. However, Till it sustains above $100 level the possibility of the downside is low. The technical analysis suggests Bitcoin Cash Price is near the demand zone and downside seems to be limited. The responsive buyers will try their best to push the price in the upward direction. 

Conclusion

Bitcoin Cash Price fell 5% approx and struggles to defend the $110 swing low support. However, BCH Price is near to the demand zone and till it sustains $100 the probability of rebound is high. 

Technical levels

Resistance levels : $140.00 and $155.00

Support levels : $105.00 and $95.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.