Bitcoin Cash Technnical Analysis: BCH Bulls Have Met Resistance At The 50-day SMA
Daily Bitcoin Cash BCH Price Analysis
- Previously, Bitcoin Cash price has managed to cross the $500 mark.
- The MACD in the 4-hour chart shows increasing bullish momentum.
Between February 20 and February 28, the Bitcoin Cash price dropped from $720 to $460, losing nearly $260 in its overall valuation. Since then, BCH has managed to cross the $500 line and reach nearly $508.
Bitcoin Cash Price Has Flipped The 20-bar And 50-bar SMAs
This Tuesday, the Bitcoin Cash price managed to reach a high of $545, before it managed retrace down. As things stand, the 50-day SMA has stopped BCH from going any higher. The relative strength index (RSI) is trending around 44.50, which shows that BCH still has more room for growth.
Image: BCH/USD daily
However, do note that the IOMAP shows a lack of strong resistance barriers up front. Previously, at the 50-day SMA ($415), 53,000 addresses had purchased 320,000 BCH tokens. Any break above this, should take BCH to $550. The downside is protected by two healthy support levels at $475 and $460.
The 4-hour Bitcoin Cash price chart has shown two sell signals:
- The MACD shows decreasing bullish market momentum.
- The 20-bar and 50-bar SMAs have flipped from resistance to support.
Image: BCH/USD 4hour
Bitcoin Cash Price Is Expected To Reach These Levels
The Bitcoin Cash price is likely going to hover below the 50-day SMA.