Bitcoin Cash (BCH) price has climbed back above the $300 mark with bulls carrying the price above the $310.00 level. The price has been moving inside a short-term ascending channel that has guided BCH movement from the $280 price level to the $320 level.
The broader cryptocurrency market sentiment is also bullish with most cryptocurrencies recording over 5 percent in profit across the past 24-hours. Similarly, Bitcoin recorded a 3.38 percent gain with BTC climbing above the $24,000 price level.
Bitcoin Cash price opened November 15 at $276.63 with bullish momentum in the markets carrying BCH to $300 before correcting. Bitcoin Cash price continued rising after the brief correction as the bulls continued to dominate the markets. On November 17, the price had risen above the $320 price level, but the bulls were exhausted, and the price did not climb any further.
BCH consolidated at the level for the next two days as markets exhibited strong bullish sentiment defending the price from falling below the $305 mark. On December 20, the price broke above the $320 level with sharp bullish activity causing the price to rise above the $360 level by 04:00 UTC on November 21.
However, the bulls failed to maintain a foothold at the level, and the price saw a sharp correction, falling below the $320 level. While the buyers tried to defend the $305.00 support level, they could only hold out for a day before capsizing under the increasing bearish pressure.
The price declined to $266 before finding a support level to facilitate upwards movement for BCH. Since then, Bitcoin Cash price has been moving in an ascending channel that has carried the price to $320 resistance level. However, the price action failed to close above the level and has fallen below. Currently, the price trades near the $310 level but shows movement downwards as BCH fails to close above the $320 level.
Across the technical indicators, the MACD shows decreasing bullish momentum after the recent retracement. The two EMAs are currently distinct but may converge if BCH fails to close above the $320 level in the next few years. Meanwhile, the RSI hovers near the 50.00 mark showing potential in movement both ways.
If the price does not return to the $320 resistance level in the next few hours, BCH can be expected to fall below the $300 mark. If price climbs back to $320 BCh is expected to observe sideways movement before breaking above. however, if BCH falls below the $300 level next support level lies at $270 price level Further below support lies at a $260 pricelevel.
The Bollinger bands are currently wide but show convergence suggesting a decrease in the price volatility over the next few days.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on January 8, 2021 2:21 am
TL;DR Breakdown • The Mexican fashion designer Encinas is expanding his popularity in the NFT… Read More
TL;DR Breakdown • The exchange shows that its shares lost over 8 percent in value.•… Read More
TL;DR Breakdown Polkadot proposes to be official shirt sponsors of FC Barcelona.Music platform, Sportify also… Read More