Bitcoin Cash Price Prediction: BCH Hovers Below The 20-day SMA

Last Updated July 23rd 2021
1 Min Read

Daily Bitcoin Cash BCH Technical Analysis
  • Bitcoin Cash price has reversed parabolic SAR from positive to negative.
  • MACD shows sustained bearish market momentum.

Over the last 10 days, the Bitcoin Cash price lost $80 in its overall validation, dropping from $595 to $515. As of now, BCH has repeatedly tried to break above the 20-day and 50-day SMAs and failed. Let’s take a closer look with technical analysis.

Bitcoin Cash Price Struggles To Cross Above 20-day SMA

Over the last three days, the Bitcoin Cash price had repeatedly tried to cross over the 20-day SMA and failed. Similarly, the parabolic SAR has reversed from bullish to bearish. Plus, the MACD shows sustained and slowly increasing bearish market momentum.

bch/usd daily chart 032521

Image: BCH/USD daily

As per the IOMAP, the Bitcoin Cash price has immediate resistance at the 20-day SMA ($530). Previously, 132,000 addresses had purchased 1.15 million BCH tokens at this level.

bch/usd volume chart 032521

Image: IntoTheBlock

Now when you look at the whale distribution, we can see there are 3 whales that own 6.76% of the entire Bitcoin Cash token supply.

Whale Distribution

Image: IntoTheBlock

Bitcoin Cash Price Is Expected To Reach These Levels

Bitcoin Cash price will keep trying to break above the 20-day SMA.

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