Bitcoin Cash Technical Analysis: BCH Hovers Around $500
Daily Bitcoin Cash BCH Price Analysis
- Bitcoin Cash price trends in the lower half of the Bollinger Band in the daily chart.
- BCH Faces major resistance at the 20-day SMA
From March 14 to March 24, the Bitcoin Cash price dropped from $595 to $475. Following that, the buyers used that support wall to bounce up and aim for the 20-day SMA once again. However, as things stand, BCH is trending horizontally below this level.
Bitcoin Cash Price Trends In Narrow Channel
The Bollinger band in the daily Bitcoin Cash price chart has narrowed considerably and is presently trending in a channel formation. This tells us that the price volatility is going to be very low for the foreseeable future.
Image: BCH/USD daily
As per the IOMAP, the strongest resistance barrier is at the 20-day SMA ($515). Previously, 87,000 addresses had purchased 953,000 BCH tokens here.
Bitcoin Cash Price Is Expected To Reach these Levels
Bitcoin Cash price will probably keep trending horizontally around $500.