Bitcoin Cash Price: retraces towards $242

On January 7the Bitcoin Cash price line saw a gradual decline towards the $232.00 levelbefore it retraced to $242 prior to the day’s conclusion.

Bitcoin Cash Price 1-Day Analysis (January 7)

bch Price Chart

Price Chart by TradingView

The cryptocurrency entered January 7 with its price of $245.90 US DollarsIt stayed above the $242.00 markwhere it depicted ruffled price movements until 4:08 GMT when the BCH price head below $242The chart above shows that the coin kept trading between the $240.00 and $242.00 levels until 12:09 GMT when it saw a bearish dropBy 15:28 GMTthe price line slipped below $234.00 on the price chartwhere it saw its day’s low of $231.94 at 16:00 GMTimmediately after which the cryptocurrency retraced towards $242depicting a bullish recovery.

Just after 18:14 GMTthe coin’s price line had reached $242.85and it continued to vary between the $240.00 and $246.00 levels until the end of the dayAs of nowthe cryptocurrency trades at $242.92 US Dollars.

Moving Average Convergence Divergence (MACD)

bch trading

Bitcoin Cash Price Chart by TradingView

As per the detailed price chart abovethe Relative Strength Index (RSIlied between the levels 30.00 and 70.00 through most of the dayAt 17:26 GMTthe RSI crept past the level 70 to reach its day’s high of 77.52where it shows a brief overbought condition for the coin.

The MACD lines traced paths close to the trading pair’s price line. The 20-Day Exponential Moving Average (EMA) was seen closing at $243.04, which was just below the 50-Day Simple Moving Average (SMA) that concluded the day with a value of $243.05.

Currently, Bitcoin Cash has a market cap of $4,305,515,750 US Dollars.

Featured Image by Patrick Hendry