Bitcoin Cash Price Prediction: Bullish March Hits A Roadblock
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.
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.
The 4-hour Bitcoin Cash price chart has two negative signs:
- The MACD has reversed from positive to negative.
- The Bollinger band has started narrowing to indicate decreasing price volatility.
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.