Bitcoin Cash Technical Analysis: BCH Drops By $65 Over The Last Two days

Last Updated July 23rd 2021
1 Min Read

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.

bch/usd daily chart 031621

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.

bch/usd volume chart 031621

Image: IntoTheBlock

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.

bch/usd 4-hour chart 031621

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.

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