Bitcoin Cash (BCH) Closes Last Hour Up $1.00; in a Downtrend Over Past 90 Days, 4 Day Up Streak Broken, Pin Bar Pattern Appearing on Chart

The Hourly View for BCH

Last Updated July 26, 2021, 02:046 GMT

Currently, BCH’s price is up $1 (0.2%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as BCH has now gone up 5 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on BCH. Given that we see an uptrend on the 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Bitcoin Cash Daily Price Recap

The end of a 4 day positive run has come for Bitcoin Cash, which finished the day prior down 0.91% ($4.18). This move happened on lower volume, as yesterday’s volume was down 2.95% from the day before — and down 4.46% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin Cash ranked 6th since the day prior in terms of percentage price change. The daily price chart of Bitcoin Cash below illustrates.

Bitcoin Cash Technical Analysis

The first thing we should note is that the current price of Bitcoin Cash is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to view things another way, note that out of the past 14 days Bitcoin Cash’s price has gone down 8 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Bitcoin Cash for the past day were:

• From BitcoinCashCom2:
  

  It is important to keep emotions in check. Ponzi always look great and give amazing returns until the last moment. #BTC is a ponzi that will come to an end because it is not useful for daily transactions. If you want to use crypto for daily transactions, it’s Bitcoin Cash #BCH.

• From BitMEXResearch:
  

  [2/2] In this chapter, learn what some of the “small blockers” were thinking behind the scenes about Bitcoin Cash. In public they ridiculed it, while in private some hoped it would have sufficient “exit momentum”

• From blk014:
  

  @elonmusk Honest question: Why did you choose Dogecoin over Bitcoin Cash? They share your technical views and are further along in implementing the the base layer “scaling” roadmap. (Their memes and billionaires are less funny, though).