After surging past $160, Bitcoin Cash [BCH] declined in price, but not to the pre-March 15 levels when the coin saw a massive 18 percent hike against the dollar. Following the second hike on March 18, the coin has been trading in the mild red-zone, with a recent push into the green.
At press time, Bitcoin Cash had edged up the US dollar by a meager 1.15 percent in a 24-hour window. The coin was trading at $158.1, with a market cap of $2.83 billion, trailing EOS by over $530 million.
ZBG takes the maximum BCH trade volume, holding 7.31 percent of the global volume in the trading pair BCHABC/USDT. Following ZBG were P2PB2B, HitBTC, and LBank.
The one-hour chart showed two successive downtrends following the recent hikes. The first dropped the price from $163.95 to $159.19, and the second, from $159.53 to $156.42.
Bitcoin Cash found immediate support at $154.83, which the coin was trading below prior to March 15. The immediate resistance level of the coin stood at $159.81.
The Bollinger Bands pointed to decreasing price volatility as the price movement stabilized, while the Moving Average line indicated a bullish swing.
The Chaikin Money Flow tool showed an increase in the money inflow into BCH tokens as the CMF line was above 0.
The Awesome Oscillator showed a minimal increase in the short-term market momentum, but the concluding bars looked were red, indicating an upcoming bearish movement.
The one-day showed three prominent green candlesticks, owing to the recent uptrend which pushed up the price from $132.55 to $162.32. Prior to the uptrend, the coin’s price was dragged down from $152.81 to $131.01.
Bitcoin Cash found immediate support at $122.41, while the immediate resistance level for the coin, in the long-term, stood at $160.49, which the coin broke recently.
The Parabolic SAR indicated a bullish market, owing to the three aforementioned green candlesticks.
The MACD continued projecting bullish signs as the MACD line pushed above the Signal line.
The Relative Strength Index showed a significant increase in investor interest as the RSI shot up from 46.47 to over 70 and at press time, was at 67.46.
Bitcoin Cash has managed to hold on to the bulls that struck twice over the past week. The coin edged below the $160 mark, but was still hovering close at the $158 mark and was looking to maintain the price level.
In the short-term, volatility is stable while the money inflow is positive and short-term momentum is high. The long-term chart also showed a bullish movement for the coin, with a mild decline in the investor interest, which should not worry BCH proponents.
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.