Bitcoin Cash Technical Analysis: BCH Ran Out Of Momentum At The 20-day SMA
Daily Bitcoin Cash BCH Price Analysis
- Bitcoin cash price has flipped the 20-day SMA from support to resistance.
- The MACD shows that market momentum is still positive.
Between March 26 and March 30, the Bitcoin Cash price went up from $475 to $525, gaining almost $50 in its overall valuation. The buyers have tried to flip the 20-day SMA from resistance to support, but failed to do so.
Bitcoin Cash Price Breaks Below 20-day SMA
The Bitcoin Cash price has dropped to $515, having lost momentum at the 20-day SMA. However, despite this drop in valuation, the MACD has reversed from negative to positive, which tells us that overall market momentum is still bullish.
Image: BCH/USD daily
Looking at the IOMAP, we can tell that the 20-day SMA ($520) is incredibly robust. Previously, at this level, almost 150,000 addresses had purchased over 1.3 million BCH tokens. This zone is powerful enough to absorb a lot of buying pressure.
Bitcoin Cash Is Expected To Reach These Levels
If Bitcoin Cash price falls further, the next viable line of resistance is at $475 support. If the buyers crosses above the 20-day SMA, it will reach 50-day SA ($550).