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