Bitcoin Cash Price Analysis: BCH Falls After Heavy Rejection At $700
Daily Bitcoin Cash BCH Price Forecast
- Bitcoin Cash price has charted an evening star pattern in the daily chart.
- The RSI shows that BCH is no longer overvalued.
Between February 1 to February 14, the Bitcoin Cash price jumped from $400 to $720, nearly doubling its overall valuation. However, BCH has since charted an evening star pattern and is currently priced at $690, dropping below the $700 psychological level.
Bitcoin Cash Price Drops After Charting Evening Star
Following its recent price drop, the relative strength index has dropped back into the neutral zone from the overbought zone. This tells us that the Bitcoin Cash price is no longer overvalued. The bears have managed to flip the $700 psychological level from support to resistance.
Image: BCH/USD daily
As per the IOMAP, we can see that the $700-line is the only level of note. Previously at this level, almost 70,000 addresses had purchased 1.16 million BCH tokens. On the downside, the only support of note is at the $600-line.
Looking at the 4-hour price chart, there are two negative signs that one should note.
- The 20-bar SMA has reversed from support to resistance.
- The MACD shows increasing bearish market momentum.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
Bitcoin Cash price is on a steady downtrend, and if the sellers continue to remain in control, it will drop to the $600-level.