Bitcoin Cash Technical Analysis: BCH Looks To Break Above The 50-day SMA
Daily Bitcoin Cash BCH Price Analysis
- Bitcoin Cash price has currently found resistance at the 50-day SMA.
- BCH has moderate-to-weak resistance barriers up front.
Bitcoin Cash price slumped from $705 on February 22 to $460 February 28, losing almost $250 in its overall valuation. Since then, BCH went up to $520 on March 3, wherein it met resistance at the 50-day SMA. Let’s take a closer look with technical analysis.
Bitcoin Cash Currently Finds Resistance At The 50-day SMA
As things stand, the Bitcoin Cash price is pretty trapped underneath the 50-day SMA. The way relative strength index (RSI) is hovering horizontally in the neutral zone, which tells us that the buyers and sellers are cancelling each other out.
Image: BCH/USD daily
On the upside, the Bitcoin Cash price the 50-day SMA presents moderate-to-strong resistance. As per the IOMAP, 80,000 addresses had purchased 565,000 BCH tokens. Upon taking over this level, BCH will reach 20-day SMA ($565).
The 4-hour chart shows that the $490 support line is particularly strong since it sees a confluence of the 20-bar and 50-bar SMA. The MACD shows that the current market momentum is bullish, which could prompt BCH to cross above the 50-day SMA.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
If the Bitcoin Cash price manages to break past this 50-day SMA, it will reach the 20-day SMA ($565).