Bitcoin Cash Technical Analysis: BCH Flips 20-day SMA From Support To Resistance

Last Updated July 23rd 2021
2 Min Read

Daily Bitcoin Cash BCH Price Analysis
  • Bitcoin Cash price faced correction after three bullish days.
  • 50-day SMA has prevented BCH from falling further.

Bitcoin Cash price faced a bearish correction following three straight bullish days. During this bullish charge, BCH went up from $398 to $447. However, the $450 resistance barrier has halted the bulls, allowing the bears to take over.

 

Bitcoin Cash Price Flips Critical Level

Facing rejection at the $450 resistance level, the Bitcoin Cash price has dropped to $424, flipping the 20-day SMA from support to resistance. However, the 50-day SMA has stood firm and prevented a further drop.

bch/usd daily chart 020521

Image: BCH/USD daily

IntoTheBlock’s IOMAP shows us that the Bitcoin Cash price faces stiff resistance at the 20-day SMA ($435), wherein 99,000 addresses had purchased 1.5 million BCH tokens. This level seems strong enough to prevent further growth. There are a bunch of moderate support lines on the downside, with the healthiest level being at $390.

bch/usd volume chart 020521

Image: IntoTheBlock

When we see the 4-hour Bitcoin Cash price chart, you can see that the MACD shows increasing bearish momentum, while the candlesticks are trapped between the 20-bar and 50-bar SMAs.

bch/usd 4-hour chart 020521

Image: BCH/USD 4-hour

 

Bitcoin Cash Price Is Expected To Reach These Levels

If the Bitcoin Cash price breaks below the 50-day SMA, it will fall to the $390 support wall. If this level breaks, it could be catastrophic since the next viable support line is at the 200-day SMA ($300).

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