- BCH coin shows a death cross of the 50 and 200 EMA in the daily time frame
- The BCH/BTC pair was trading at 0.01447 BTC with a gain of 1.47%
- The current price of the BCH coin is $496.64, with an intraday loss of 1.44%
The BCH coin price is resonating in a small range in the daily time frame chart. On Friday, the price showed a long lower price rejection hammer candle at the $482 support, suggesting the continuation of the coin’s sideways movement in this small consolidation. Although the range is not large enough to provide any significant rewards, traders can wait patiently for either side to breakout, leading to a strong directional move in the BCH coin.
The BCH coin is trading below all critical EMA’s 20, 50-100, and 200, which indicates a solid bearish trend formation. In addition, the 20 EMA is acting as an excellent dynamic resistance for BCH toke, allowing no candle to close above it. Moreover, the chart also shows a death crossover of 50 and 200 EMA, encouraging more sellers in the market.
The RSI (BEARISH) value is 42, indicating a slightly bearish sentiment in the market.
BCH Coin Price Resonating Inside A Small Range
The BCH coin price shows a clear picture of this small consolidating in the 4hr time frame chart. Therefore, this smaller time frame could provide a proper entry signal whenever the price gives a breakout from this range. The critical resistance and support of this range are $546 and $482, respectively.
The MACD indicator (BEARISH) shows a bearish sentiment in the price as both the MACD and the signal line have moved below the neutral zone(0.00). However, these two lines have reached quite close to each other and can give a bullish crossover if the price starts moving any higher.
Conclusion: The overall sentiment of the BCH coin is still bearish, and as mentioned above, the price is resonating in a small range. A breakout from this range could decide the continuation of the bearish trend or the start of a new bull rally. Anyhow, the investors should wait patiently and let the price show its move before entering the market.
Support: $482
Resistance: $46
This news is republished from another source. You can check the original article here.
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