Key Highlights:
- The entire crypto market had a pretty solid bounce yesterday
- BCH is now currently under consolidation but in a daily uptrend
- Bitcoin Cash is only 18 days away from its Halving
| ⠀Bitcoin Cash price: | $212.9 |
|---|---|
| ⠀Key BCH resistance levels: | $246.06, $256.69, $360 |
| ⠀Key BCH support levels: | $190.44, $190, $169 |
*price at the time of writing
After an overall bounce experienced by the entire crypto market, Bitcoin Cash is now under consolidation. The digital asset saw a huge 42% bounce in two days and was able to close above the daily 12-period EMA.
The bulls are definitely happy and are now waiting for the upcoming halving event which is set to happen in approximately 18 days from now. Bitcoin’s halving, on the other hand, is happening in 52 days.
How to buy Bitcoin Cash (BCH) on Binance
Bitcoin Cash Technical Analysis
What has been going on?
The crypto market has been able to see a lot of continuation from the initial bounce on March 13. It is now far less correlated with the traditional stock market which has continued to plummet. This is really good news for everyone in the crypto space. It is now unlikely for BCH to see a lower low below $129.
The Coronavirus outbreak is certainly not stopping any time soon and stocks, as well as oil and others, are still extremely affected by it. Now it’s the time for the crypto market to act as a safe haven if the narrative is still in play.
Bitcoin Cash price short-term prediction: Bullish/Neutral
Currently, the bulls have been able to set a daily uptrend after setting a higher low at $147 and the recent higher high at $246. Although BCH was able to break and close above the daily 12-period EMA, two days ago, it is now just below it. BCH is definitely seeing some healthy consolidation for now.
The daily RSI remains quite low at 40 points which means the bulls will not face any kind of resistance from it any time soon. The 4-hour chart has formed a huge lower-wick candlestick a few hours ago when the bulls bought the dip and recovered strongly but saw no continuation.
The 4-hour chart is now on the verge of confirming a downtrend but the bulls are defending the 12-period EMA so far. The MACD is also extremely close to a bear cross but hasn’t done it yet.
The hourly chart is not necessarily in a downtrend yet either but the bulls have lost both EMAs here. Even if the bulls lose the hourly and 4-hour uptrends, they will still keep the daily uptrend and they would need to lose the $147 level to lose it.
Where is the resistance towards the upside
Good news for the bulls, definitely not a lot of resistance until $360 basically. The bulls are battling at the daily 12-period EMA resistance and will probably face the same kind of resistance at $256, the daily 26-period EMA resistance.
After that point, the bulls are not going to encounter much resistance as most of the move down happened extremely fast and bears were not able to set a lot of resistance. The $300 psychological level is definitely an important point of resistance.
What are the technical indicators showing?
The daily MACD has just crossed bullish for the first time since February 15 when it lost it. This is definitely significant and shows that bulls are strong right now. The daily RSI is still only at 40 points and it’s not crossing to the overbought territory any time soon. The price of BCH is right below the 12-period EMA but if the bulls manage to close above it again today, it will signify a pretty clear shift in momentum for BCH.
Previous BCH analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of Bitcoin Cash:
