The Bitcoin Cash price stood near the $324.00 mark before it was subject to a bearish fall that took the price below the $300.00 mark. After midday, the cryptocurrency saw retracement towards the $320.00 level.
1-Day Bitcoin Cash Price Analysis (January 24)
The cryptocurrency stood at $323.95 US Dollars just as it started on January 24. At 01:33 GMT, the coin saw a bearish fall that led the price line below the $308.00 mark. After reaching $304.79 US Dollars, BCH traded between $304 and $314 until 06:16 GMT when the coin was subjected to another decline that gradually took the trading pair to a day’s low of $296.47 by 09:45 GMT.
By 11:12 GMT, the price line started to regain height and it reached $316.00 at 11:37 GMT. The BCH/USD trading pair was able to cross the $324.00 level by 14:31, though it returned between the $316 and $322 price range shortly. For January 24, Bitcoin Cash had a closing value of $317.47 US Dollars.
Moving Average Convergence Divergence (MACD)
The MACD lines were drawn further from the trading pair’s price line at the points where the coin’s price drastically fell to $296.47, and where it regained value to cross the $320.00 mark. The 20-Day Exponential Moving Average (EMA) closed the day at $319.19, while the other MACD line, the 50-Day Simple Moving Average (SMA), closed the day’s trade with a value of $319.65.
The Relative Strength Index (RSI) reached a day’s low of 18.11 on the scale, while it stands at 42.31 at the end of January 24.
Featured Image by Lachlan Donald.