Bitcoin Cash Technical Analysis: BCH Drops By $65 Over The Last Two days
Daily Bitcoin Cash BCH Price Analysis
- 20-day and 50-day SMAs provide strong support for Bitcoin Cash price.
- The parabolic SAR tells us that the market sentiment is positive.
Over the last two days, the Bitcoin Cash price has been under complete bearish control, falling from $590 to $525 losing almost $65 in the overall valuation. So, what’s going on behind the scenes? Let’s take a closer look with technical analysis.
Bitcoin Cash Price Has Found Support At the 20-day And 50-day SMAs
Between March 1 to March 13, the Bitcoin Cash price rose from $460 to $590, gaining around $130 in its overall valuation. During this jump, BCH managed to flip the parabolic SAR from negative to positive. Over the last two days, BCH dropped from $590 to $525.
Image: BCH/USD daily
On the downside, Bitcoin Cash price has found healthy support at the 20-day and 50-day SMAs. Below, that, the strongest support line at $475. Previously, 55,500 addresses had purchased 909,000 BCH tokens at this zone.
Over the last ten sessions, in the Bitcoin Cash price 4-hour chart, the 20-bar, 50-bar, and 200-bar SMAs have been flipped from support to resistance.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
The Bitcoin Cash price will flip the 20-day and 50-day SMAs from support to resistance and dip to the $485 support wall.