Bitcoin Cash Technical Analysis: BCH Retraces After Reaching $450-Mark
Daily Bitcoin Cash BCH Price Analysis
- The Bitcoin Cash price has managed to flip the 50-day SMA from resistance to support.
- The parabolic SAR in the 4-hour BCH chart has flipped from bearish to bullish.
Over the last five days, the Bitcoin Cash price has gone up from $375 to $408. In the process, they have managed to flip the 50-day SMA from resistance to support. Let’s take a closer look with technical analysis.
Bitcoin Cash Price Flips 50-day SMA From Resistance To Support
BCH bears took back control after three bullish days, and then the bulls were able to wrest back control today. The Bitcoin Cash price tried to test the 20-day SMA ($450). However, it soon retreated. The relative strength index is hovering around the neutral zone, which means that the bulls can make another jump towards the $450 psychological mark.
Image: BCH/USD daily
The Bitcoin Cash price is sitting on top of a moderate support zone at around the $400-mark. Previously, at this level, 51,000 addresses had purchased 916,200 BCH tokens. If BCH breaks below this line, it may drop to the $350-mark.
In the 4-hour Bitcoin Cash price chart, the crypto jumped from $396 to $432 over four bullish sessions. During this rise, the parabolic SAR had reversed from bearish to bullish. On the other hand, the 20-bar and 50-bar SMA had changed from resistance to support. However, the sellers soon took back control and managed to retake the 50-bar SMA. The 20-bar SMA has managed to stay strong and prevent a further drop.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
The MACD in the 4-hour Bitcoin Cash price chart is positive, which could encourage BCH to jump to the 50-bar SMA ($415).