- The Bitcoin Cash coin is resisting the halfway of the Bollinger Bands indicator on the daily price chart.
- RSI indicator suggests the sideways trend for the BCH coin as it observes at 50 mark.
- The Bitcoin cash coin concerning the Bitcoin pair is trading at 0.007893 Satoshis, down by 3.3%.
The Bitcoin Cash has been observing sideways above the $325 Mark (short-term support) after the 13 April’s bullish surge of 11.8%. However, BCH coin has finally escaped the short-term sell-off by managing the cost above $330 level.
For the past several days, BCH coin seems to be in a tight-range market above the $325-support. However, the crypto recovered 3% of its cost but the weekly candle was seen inside the previous weekly candle.
As per the CMC, during the sideways zone, the BCH token saw a 2.2% drop in the past 24 hours. Thus, the crypto is trading at $333 at the time of publication. Similarly, the bitcoin cash coin belonging to the bitcoin pair is trading at 0.007893 satoshis, down 3.3%.
The daily price chart for BCH is visible below the halfway mark of the Bollinger Bands indicator (20-day moving average). Above the 20 MA, the bulls may aim for a higher range of the indicator. However, the liquidations are gradually decreasing and have reached $4.25 billion according to the data for the last 24 hours.
How long will it take for BCH to cross the sideways zone?
The RSI indicator has been looking sideways near the 50 mark for the past several days after dipping into the oversold zone. The bulls could turn bullish on the BCH coin after the indicator stays above the half-line.
Similar to the RSI indicator, the MACD appears to be trading sideways below the neutral zone. However, the histograms are about to move to the higher side.
Conclusion
Bitcoin Cash coin has immediate resistance at the $350 mark, which is the gate to the consolidation phase. This accumulation phase could lead to a bullish trend towards the supply zone if the bulls manage to move the price above the 20 MA of the Bollinger Bands indicator.
Support level – $300 and $280
Resistance level – $360 and $470
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
