Bitcoin Cash Price Analysis: BCH Drops After Charting Bearish Cross
Daily Bitcoin Cash BCH Price Forecast
- Bitcoin Cash price drops after facing rejection at $600.
- The 50-day SMA has crossed over the 20-day SMA to chart a bearish cross.
Between March 1 and March 13, the Bitcoin Cash price rose from $460 to $590, reaching intraday highs of $640. During this upward surge, BCH crossed over the 20-day and 50-day SMAs. However, the BCH has since dropped down.
Bitcoin Cash Price Falls After $600 Rejection
Looking at the daily Bitcoin Cash price chart, the bears managed to drop BCH from $590 to $565, losing almost $25 in overall valuation. The 50-day SMA has crossed over the 20-day SMA, forming the bearish cross pattern.
Image: BCH/USD daily
This Bitcoin Cash price rejection makes sense since the $590 line is particularly robust. Previously, at this level, 46,400 addresses had previously purchased nearly 688,000 BCH tokens. On the downside, the strongest support level is at the $525, which sees a confluence of 20-day and 50-day SMAs.
In the 4-hour Bitcoin Cash price chart, BCH dropped from $598 to $568, losing almost $30. However, in this timeframe, there are two positive signs:
- The parabolic SAR has flipped from negative to positive.
- The MACD shows that market momentum is positive.
Image: BCH/USD 4-hour
Bitcoin Cash Price is Expected To Reach These Levels
If the bears remain in control, the Bitcoin Cash price will drop to the $525 support line.