Bitcoin Cash Price Analysis: BCH Still Trading at 2019 Lows, What’s the Recovery Plan?

  • Bitcoin Cash price is consolidating at the lower levels from 2019 over the daily price chart.
  • The crypto asset falters below 20, 50, 100 and 200-days Daily Moving Average.
  • The pair of BCH/BTC is at 0.005585 BTC with an intraday drop of 1.77%.

Bitcoin Cash price is trading at the lowest level of 2019 and is currently consolidating over the daily price chart. The token must accumulate bulls to escape the consolidation phase and register its recovery phase. On the other hand, Bitcoin, the traditional cryptocurrency, managed to sustain above the $20000 psychological level and is currently CMP at $21073. Other altcoins are trying to gain the uptrend momentum over the daily price chart. Meanwhile, BCH is also trying to regain the uptrend momentum to start its recovery over the chart. 

Bitcoin Cash price at first started falling through a falling channel and then went into a consolidation phase to recover BCH coin thereafter. However, after then BCH again started rallying bearishly and got rejected from another consolidation phase and is now currently consolidating at the lowest level of 2019.   

Bitcoin Cash price is presently CMP at $117 and has gained 1.73% of its market capitalization in the last 24-hour period. In contrast, trading volume has decreased by 8.89% in the intraday trading session. This shows that BCH is currently going through short-selling pressure. BCH must accumulate buyers in order to register its recovery phase. Volume to market cap ratio is 0.5715.

BCH coin price is trying to gather forces to register its breakout from the consolidation phase. However, the token still needs to gain buyers in order to obtain strong uptrend momentum over the daily price chart. In contrast, volume change can be seen below average and needs to grow for BCH to recover itself. 

Support on the lower end is at $108 and resistance on the higher side is at $130.

Will BCH Recover from Consolidation Phase or Slumps below $100? 

BCH coin price is trying to escape the consolidation phase over the daily price chart. The token still needs to attract more buyers in order to register its recovery phase. BCH must accumulate buyers in order to avoid falling below $100 level towards its grave. The token must maintain itself above $100 and should find support to adapt strong uptrend momentum over the daily price chart.

Technical Indicators suggest the uptrend momentum of BCH coin. Relative Strength Index showcases the uptrend momentum of BCH coin. RSI is at 33 and is recovering from the oversold territory. 

MACD exhibits the bullish momentum of BCH coin. The MACD line is about to cross the signal line for a positive crossover. BCH investors need to wait for a strong uptrend momentum over the daily price chart. 

Conclusion     

Bitcoin Cash price is trading at the lowest level of 2019 and is currently consolidating over the daily price chart. The token must accumulate bulls to escape the consolidation phase and register its recovery phase. In contrast, volume change can be seen below average and needs to grow for BCH to recover itself. BCH must accumulate buyers in order to avoid falling below $100 level towards its grave. Technical Indicators suggest the uptrend momentum of BCH coin. RSI is at 33 and is recovering from the oversold territory. The MACD line is about to cross the signal line for a positive crossover. BCH investors need to wait for a strong uptrend momentum over the daily price chart.

Technical Levels

Support Levels: $108 and $100

Resistance Levels: $130 and $150

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.   


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