- Bitcoin Cash price analysis is bearish for today, down by 8%.
- The cryptocurrency has found support at $501, while the nearest resistance is at $545.
- The entire crypto market is down owing to the China crypto crackdown news.
Bitcoin Cash price analysis for today is bearish since the cryptocurrency price is trading at $505. The 24-hour trading volume for the cryptocurrency has surged by 5.98%, while the market capitalization of Bitcoin Cash fell by 6.96%. According to the data by Coinmarketcap, the market dominance of BCH is currently at 0.51%.
Today, Bitcoin and other major altcoins have fallen by huge percentages. It is an undocumented protocol of the crypto market that the majority of altcoins will fall if Bitcoin fails to maintain an uptrend.
Bitcoin Cash price fell from $552 and is currently at $505. The investors suffered losses today. The nearest support for the BCH/USDT pair is found at $501, while the nearest resistance is at $545. The movement is a downtrend in the short term, and it seems that the buying pressure is unable to match the selling pressure.
Bitcoin Cash price analysis: Technical Indicators bearish
The Bitcoin Cash price analysis shows that the technical indicators on the 4-hour chart are bearish while the Bitcoin Cash price is hanging above the $501 support. This support level seems to hold for now while the bulls try to push the price towards the resistance at $545.
The key Moving Averages are high above the price action, and things have been like this since 7th September. Both the 100-day and the 50-day Moving Averages are far from the BCH price action, indicating a bearish trend in the short term. This month started with a bullish scenario, but it seems that it will end on a bearish note.
A few days ago, we saw the BCH/USDT price action break out of the lower end of the Bollinger Bands. Yesterday, the coin rose from $547.6 and surged to $552.7, trying to break out from the upper end of the Bands. However, unable to breach the 545 USD resistance, the price fell, and now, it seems that the price action will try to break out from the lower end of the Bollinger Bands.
Bitcoin Cash price analysis shows that the price of RSI level has turned bearish. The current RSI gives a reading below 40 but above 20. This implies that the BCH/USDT pair is not oversold but quite high selling pressure. The gradient is slightly negative but might turn positive if bulls take charge and buying pressure increases.
The MACD indicator shows that the blue line or the MACD line has fallen below the signal line or the orange line. This is called a bearish divergence and means that the price action will turn bearish in the short term. The histogram has started to turn red after a few green ones. It seems that we might see the price action to break down below the $501 support.
Bitcoin Cash price analysis: Conclusion
Bitcoin Cash price analysis can be concluded on a bearish note as the price is currently trying to hold above the $501 support. This is a very crucial support for BCH/USDT, and day traders should keep an eye on this one. Also, if you are searching for the long term Price Prediction of Bitcoin Cash, visit here.