Bitcoin Cash has been moving under the sideways channel for the past few weeks. Yesterday, the coin marked a considerable decline. The forming bullish candle shows that the bulls are trying to push the price upside. The price is moving at the edges of the lower Bollinger bands and has closed below the bands on the daily chart. The price may reach the support zone of $275, from where it may turn around towards its resistance.
The volume bar shows that neither the bulls nor the bears are making any major price action, and the price is moving in a particular range. Traders should check out the Bitcoin Cash price prediction to know more about the future potential of BCH before taking any trade decision.
MACD on the daily chart has had a bearish momentum from the past week. We observed a downward crossover since April 05, and in fact, there has been an increase in downward momentum as witnessed by the falling slope of the MACD and Signal lines. This BCH price fall could be halted at the next upcoming support at $275. The RSI is about to reach its oversold zone from where the price may bounce back, as it happened in the past. The oversold zone can be a substantial opportunity for the bulls as the price of Bitcoin Cash may lead towards its highs of $275.
On the weekly chart, the token was moving in a descending pattern; however, during the past few weeks, the coin showed consolidated momentum as the price moved between the horizontal lines. The previous week’s candle shows a movement of 8% in favor of bears.