Bitcoin Cash Price Prediction: Bullish March Hits A Roadblock

Last Updated July 23rd 2021
1 Min Read

Daily Bitcoin Cash BCH Technical Analysis
  • Bitcoin Cash price faces bearish correction after five straight bullish days.
  • Sentiment is still on the positive side.

Bitcoin Cash price has had five straight bullish days, wherein it jumped up from $496 to $565, gaining almost $70 in its overall valuation. However, the bears have promptly stepped in to block this upward momentum, at least for now.

20-day SMA Stops Bitcoin Cash Price Slump

Over the last five days, the Bitcoin Cash price has managed to flip the 20-day and 50-day SMAs from resistance to support. Similarly, they have also managed to reverse the parabolic SAR and MACD from negative to positive.

bch/usd daily chart 031221

Image: BCH/USD daily

The bears will have a hard time in taking the Bitcoin Cash price any lower. The IOMAP shows that there are robust support walls on the downside, beginning with the 20-day SMA itself. As per the chart below, previously at the 20-day SMA ($535), 112,500 addresses had purchased 914,000 BCH tokens.

bch/usd volume chart 031221

Image: IntoTheBlock

The 4-hour Bitcoin Cash price chart has two negative signs:

  1. The MACD has reversed from positive to negative.
  2. The Bollinger band has started narrowing to indicate decreasing price volatility.

bch/usd 4-hour chart 031221

Image: BCH/USD 4-hour

Bitcoin Cash Is Expected To Reach These Levels

The Bitcoin Cash price will keep hovering between the 20-day SMA and the $565 line until the bulls step up big time.

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