Bitcoin Cash Technical Analysis: BCH Moves Horizontally Between Key Levels
Daily Bitcoin Cash BCH Price Analysis
- Bitcoin Cash price has lost $80 over the last ten days.
- The MACD shows increasing bearish momentum.
Since March 14, the Bitcoin Cash price has dropped from $595 to $515, losing almost $80 in its overall valuation. As things stand, BCH is trudging long horizontally. Let’s take a closer look.
Bitcoin Cash Price Stuck Between Strong Levels
Over the last five days, the Bitcoin Cash price managed to flip the 20-day and 50-day SMAs from support to resistance. Similarly, the parabolic SAR has reversed from bullish to bearish. Plus, the MACD shows sustained and slowly increasing bearish market momentum.
Image: BCH/USD daily
On the upside, immediate resistance lies at $525, wherein 132,000 addresses had previously purchased 1.15 million BCH tokens. It doesn’t look like the buyers have juice required to cross above this zone. On the downside. BCH may drop to the $475 support line, wherein it meets another support.
Looking at the daily active addresses entering the market over the last week, the number has pretty much remained consistent around 40,000, reaching an intra-week high of 54,000 on March 18.
Bitcoin Cash Price Is Expected To Reach These Levels
Bitcoin Cash price will likely keep moving horizontally around $515.