- Bitcoin cash coin rally now reaches near the immediate resistance of 100 and 200-day, despite good recovery from the lower levels.
- The digital asset over the monthly chart is trading below the vital moving averages of 100 and 200-DMA lines while holding its 20 and 50-DMA lines as the initial support levels.
- The pair of BCH/BTC is trading on a bullish note at 0.0142 BTC with an intraday increment of +7.84%, and the ratio of BCH/ETH is CMP flat at 0.2155 ETH with a slight gain of +1.97%
Bitcoin cash coin over the monthly chart is trading near its minor resistances of 100 and 200-Day moving averages. At the same time, the coin is continuously facing a significant hurdle of 20-DMA lines (red) and trading under a strong downtrend.
While the recent buying action pushes the coin above its short-term moving avengers of 20 and 50-day, volume over the chart is average and recorded near the average line, which also needs to improve. Nevertheless, closing day candles above the 100 and 200-DMA lines with supportive volume action will boost more buyers. Support on the lower side is $467 and $420, whereas resistance on the higher side is $590 and $689.
Bitcoin cash coin is trading on a bullish note
At the 4-hour time frame, the Bitcoin cash coin is trading on a bullish note and making higher highs and lower lows patterns. BTC, at the weekly time frame, is trying to rebound after a sharp selloff. In contrast, the volume over the chart is good and placed above average lines. Presently, the Bitcoin cash coin is trading at $559 with an intraday gain of +2.40%, and the volume to market cap ratio is at 0.2153.
Relative Strength Index (CAUTION): Bitcoin cash coin RSI presently indicates a slight bearish or negative trend over the weekly chart. In contrast, the RSI is heading lower after testing the overbought zone and now heading lower CMP 61.
Moving Average Convergence Divergence (CAUTION): This currently indicates a neutral or cautious trend on the daily chart. This is because the buyer’s signal line (orange) overlaps the seller’s line (blue) with no sign of clear momentum.
Support levels: $467 and $420
Resistance levels: $590 and $689.