Bitcoin Cash Price Analysis: BCH Met Heavy Resistance At The 20-day SMA
Daily Bitcoin Cash BCH Price Forecast
- MACD in the Bitcoin Cash price daily chart shows sustained bearish momentum.
- The parabolic SAR in the daily chart has reversed from bullish to bearish.
The Bitcoin Cash price reached a peak of $594 on March 14 before the bears took full control of the market. The price has since dropped by $70 to $525. Let’s take a closer look with technical analysis.
Bitcoin Cash Price Flashes Multiple Sell Signals
Looking at the daily Bitcoin Cash price chart has flashed two different sell signals:
- The MACD shows sustained bearish market momentum.
- The parabolic SAR had flipped from bullish to bearish.
Image: BCH/USD daily
Looking at the IOMAP, we can tell that immediate market resistance lies at the 20-day SMA ($531). Previously, 133,000 addresses purchased a little over 930,000 BCH tokens. The 50-day SMA ($545) also adds to the resistance at this zone.
Bitcoin Cash Price Is Expected To Reach These Levels
If the Bitcoin Cash somehow manages to break above $545 and flip the 20-day and 50-day SMAs from resistance to support, it will reach the monthly high of $594 again.