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BCH Price Analysis: BCH witness the bulls raid

Cryptocurrency

Bitcoin Cash aka BCH- the fork from the mother chain [BTC], seems to have fumbled along its way, but it is still holding up quite nicely when compared to its fork, Bitcoin SV. BCH is currently the fourth-largest cryptocurrency in the world with a market cap of $5.5 billion. The price of BCH at the press time was $303.2.

1 Hour Chart

Source: BCH / USD TradingView

The one hour chart exhibits an uptrend extending from $269.6 to $290.8 and a downtrend from $303.8 to $299.4. The resistance stood at $294.1 and the immediate support was held at $285.1 and the subsequent support was held at $282.5.

The Bollinger Bands have begun to diverge widely further increasing the volatility of BCH.

The Awesome Oscillator shows that the coin has barged in the bullish market with great momentum.

Chaikin Money Flow: The CMF line had crossed the zero line and was well above the 20-line indicating that there has been a huge inflow of the capital pushing the coin to the bullish market.

1 Day Chart

Source: BCH / USD TradingView

The daily chart exhibited an uptrend extending from $226.3 to $265.4 and a downtrend extending from $514.6 to $305.1. The resistance was at $317.3 and the support was at $271.3.

Parabolic SAR: The dotted line below the candlesticks was going upwards indicating that the coin was facing a bearish sentiment.

The MACD line was above the signal line indicating that the coin was under a bullish trend.

Relative Strength Index: The RSI line was almost touching the overbought section suggesting that the buyers were active pushing the coin to the bullish market.

Conclusion:

From both the charts, it is clear that Bitcoin Cash (BCH) was in the bullish market.

 

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