Bitcoin Cash [BCH] Price Analysis: Coin breaks resistance as bulls look to settle down

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Bitcoin Cash [BCH] the sixth largest coin in the market, is exhibiting similar movements to the collective market, with no isolated strides.

At press time, Bitcoin Cash was up against the US dollar by 1.84 percent and was trading at $145.02. The market cap of the coin stands at $2.55 billion, over $450 million behind Litecoin [LTC].

In terms of exchange dominance, Bitcoin Cash trading volume ranks highest with P2PB2B in the trading pairs BCH/BTC and BCH/USDT, accounting for $28.91 million or 8.39 percent and $18.77 million or 5.44 percent.

1-hour

Source: Trading View

The one-hour chart for Bitcoin Cash shows stabilized movement, with minor downtrends post the massive spike earlier this week. Two successive downtrends were seen post-February 19. The first one dragged the price down from $148.32 to $142.84 followed by the next downtrend, which pulled down the price from $144.73 to $140.48.

Bitcoin Cash finds immediate support at $139, which the coin is comfortably rising above. The immediate resistance level of the coin stands at $142.98, which the coin has broken past, buoyed by the bulls of the collective market.

The Bollinger Bands show that the coin’s volatility is continuing. The Moving Average line points to a bullish trend.

The Fisher Transform Line shows that a bullish crossover took place as the Fisher Line is over the Trigger Line presently.

The Relative Strength Index of the coin shows a spike in investor interest, which has jumped from 40.51 to 56.52.

1-day

Source: Trading View

Bitcoin Cash shows a greenish uptick off-late in the one-day chart, following the massive price increase experienced on 18 February. Since the year began, the coin has dipped from $158.03 to $121.94, following which the recent uptrend pushed up the price from $120.57 to $143.61.

The immediate support level of the coin stands at $108.59, but due to the bulls, the same has risen to $119.82. Bitcoin Cash has broken the immediate resistance level, which stands at $131.93.

The Parabolic SAR shows that the coin is riding a bullish wave as the dotted lines are below the coin’s trend line.

The Chaikin Money Flow tool shows that the inflow of money has increased as the CMF line is above 0.

The Awesome Oscillator indicates that the bulls are incoming as the AO line is above 0 and the concluding bars are green.

Conclusion:

Bitcoin Cash pushed past several resistance levels beginning with the February 18 rise, which is noticeable in both the short-term and the long-term charts. The short-term indicators point to a stabilized volatility as the investor interest and the coin’s price begin to rise. In terms of the long-run indicators, bulls are dominating and now look to find a place and a price to settle down at.


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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.

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