Bitcoin Cash [BCH/USD] Price Analysis: Bulls to break out as mild fluctuation continues

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Post the February 24 tumble, Bitcoin Cash [BCH] failed to recover beyond $140.00 level. The sixth largest crypto asset on CoinMarketCap had been trading below the number and a price expansion beyond the level is anticipated. The price confined between $135.60 and $130.00 with mild breakouts.

The BCH opened at a price of $134.33, despite a short stretch earlier this week, surfacing to a modest $135.52 during the latter part of the day before fluctuating to a low of $130.19. BCH closed at $132.79 on the same day.

At press time, Bitcoin Cash [BCH] held a market cap of $2.35 billion, and was valued at $133. The trading volume during the day accounted for $290.60 million and the change recorded stood at 0.12%.

1-hour: 

Source: TradingView

The one-hour chart of Bitcoin Cash exhibited an uptrend from $140.58 to $152.67. A major downtrend from $154.63 to $141.48 was also recorded during the time frame. An immediate resistance level of $137.63 was marked, followed by a second resistance point at $142.48. The support for the coin was noted at $126.41.

Bollinger Bands: The converging Bollinger Bands depicted low volatility in the coin’s price movement.

MACD: The MACD line was above the signal line and suggested a bearish trend for BCH’s price.

Awesome Oscillator: The indicator pictured the coin going through a bullish momentum.

1-day:

Source: TradingView

The coin indicated an uptrend from $76.58 to $121.21 and a huge downtrend from $686.86 to $155.16 on the one-day trading chart. The resistance of coin was marked at $154.77 and the support was marked at $104.86.

Parabolic SAR: The dotted lines was above the candles, indicating a bearish trend for the coin.

Chaikin Money Flow: The CMF graph was below the zero-line, further depicting a bearish market.

Klinger Oscillator: The reading line was aligned above the signal line, suggesting a bullish phase for the coin’s price.

Conclusion:

The MACD, AO and the KO indicators pictured a bullish trail for the coin’s price with low volatility. However, the Parabolic SAR indicator and the CMF graph predicted a bearish pattern for Bitcoin Cash.


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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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