Bitcoin Cash Price Prediction: BCH Hovers Below The 20-day SMA
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.
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.
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.
Bitcoin Cash Price Is Expected To Reach These Levels
Bitcoin Cash price will keep trying to break above the 20-day SMA.