Bitcoin Cash Price Analysis: BCH Met Heavy Resistance At The 20-day SMA

Last Updated July 23rd 2021
1 Min Read

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:

  1. The MACD shows sustained bearish market momentum.
  2. The parabolic SAR had flipped from bullish to bearish.

bch/usd daily chart 032321

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.

bch/usd volume chart 032321

Image: IntoTheBlock

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.

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