- Bitcoin cash price is gradually gaining bullish momentum and heading towards the minor hurdle of 20-day short term moving average
- The coin is trading below all vital moving averages of 20, 50, 100, and 200-day moving average while facing minor resistance of 20-SMA
- The pair of BCH/BTC is trading positively at 0.01463 BTC with intraday gains of +5.90%, and BCH/ETH is trading flat with a minor loss of -0.76%
Bitcoin Cash price is gaining momentum after a strong bearish downtrend, while can face minor resistance of 20-day short term moving avengers of (SMA). In contrast, the closing of day candles above 200 and 100-DMA with supportive volume will strengthen bulls.
Volume over the monthly chart is flat near the average line and needs to improve for a positive breakout. Once the coin sustains above all vital moving avengers of 50, 100, and 200-DMA, we can soon see higher levels up to $860 and $1000+. Support on the lower levels is at $440 and $380, while resistance on the higher is $640 and $780.
Bitcoin Cash Price is Slowly Heading Towards Higher Levels
Bitcoin cash price is slowly heading towards higher levels, and the price recovery is now reaching near 20-DMA. Moreover, the technical parameters are also suggesting bullish momentum while heading towards the overbought zone. Volume action is slightly increasing, and it projects the participation of buyers in the recovery. Similarly, a short-term retracement is expected as the token is near the overbought zone. Currently, Bitcoin cash price is $508 with intraday gains of +6.25% and volume to market cap ratio at 0.1623.
Relative Strength Index (BULLISH): Bitcoin cash RSI presently projects bullish or positive over the weekly chart. In contrast, the RSI is heading towards the overbought zone with gradually bullish momentum CMP at 61.
Moving Average Convergence Divergence (BULLISH) currently indicates a bullish or positive trend on the daily chart. This is because the buyer’s signal line (green) suppresses the seller’s line (red) and creates positive momentum.
Support levels: $440 and $380
Resistance levels: $640 and $780.