- BCH Coin struggles to cross the daily 200 EMA
- The BCH/BTC pair was trading at 0.01615 BTC with an intraday loss of 1.66%
- The 24 hr trading volume in BCH is $1.78Bn.
In the daily time frame chart, BCH coin, after its failed recovery, drops back to the $600 support level. The price tried to move higher by making a morning star pattern, but no followthrough was seen. Thus price remain sitting at the support,
As per the EMA’s, the price is trading below all the critical EMA’s 20, 50,100, and 200, indicating a strong bearish trend. Each of these EMA lines will act as a good resistance level. Currently, the 200 EMA provides strong resistance to the BCH coin keeping it near the support of $600.
The RSI is currently at 39, indicating strong bearish momentum. However, investors can also see that even in the last few days, movement in the RSI line is sideways, showing no bull or bear party is in power.
BNH Coin Shows A Steady Downtrend In 4hr Time Frame Chart
The BCH coin shows a steady downtrend in the 4hr time frame chart, providing strong resistance to the price since $880. If the price tries to reverse from here, this trendline will give the early entry to investors attempting to add BCH coin to their portfolio
The MACD indicator( bearish) currently shows a bearish sentiment as both the signal line and the MACD line moves below the neutral(0.00) zone. However, still looking at the movement of these lines from the past few days, MACD shows a sideways trend.
Conclusion: As per technical analysis, the BCH coin is precisely at the $600 support level and has not provided any strong signal for any reversal nor breakout. The investors should wait for a good call like the breakout from the 4hr time frame chart, which could be the first target till $761, i.e., more than 25% gain.
Support– $600
Resistance– $791
This news is republished from another source. You can check the original article here.
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