Bitcoin Cash Technical Analysis: BCH Is Sitting On Top Of Strong Support
Daily Bitcoin Cash BCH Price Analysis
- Bitcoin Cash price is trending between key levels.
- The MACD has reversed from bullish to bearish.
The Bitcoin Cash price has dropped from $593 to $525 over the last four days. Having lost almost $70 in overall valuation. This Thursday, BCH has managed to negate the gains it made this Wednesday.
Bitcoin Cash Price Is Sitting On Top Of 20-day and 50-day SMAs
As things stand, the 20-day and 50-day SMAs have combined to offer formidable support to the Bitcoin Cash price. As of now, BCH is hovering between the $545 resistance and the $535 support wall, which sees a confluence of the 20-day and 50-day SMAs. The MACD has reversed from bullish to bearish, giving further credence to our bearish outlook.
Image: BCH/USD daily chart
On the downside, the $475 support line is really strong. Previously, 55,000 addresses had purchased 902,000 BCH tokens. This wall is robust enough to absorb a lot of selling pressure.
Bitcoin Cash Price Is Expected To Reach These Levels
The Bitcoin Cash price will keep hovering horizontally above the 20-day and 50-day SMAs.