04 February 2023 : In this article we will walk you through Bitcoin Cash price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Bitcoin Cash, Is BCH a good investment? Bitcoin Cash support & resistance levels etc. But before diving deep into the BCH technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,083,456,959,402. The total trading volume stands at $50,035,808,600. Bitcoin shares 41.61 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $23,378.66 level after a decline of -0.63%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 0.79 percent reaching to $1,662.19 during the previous 24 hours.
While publishing this blog, BNB traded at $328.93, following a price change of -1.34%within the same time frame. XRP the native coin of XRP is up by 0.03 and currently trading at $0.41. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Bitcoin Cash (BCH)
|BCH Resistance Levels||BCH Support Levels|
|Resistance Level 1||$114.47||Support Level 1||$103.42|
|Resistance Level 2||$119.28||Support Level 2||$97.18|
|Resistance Level 3||$125.52||Support Level 3||$92.37|
The current Bitcoin Cash price is $137.39, with a trading volume of $155,550,578.00 in the past 24-hours. Currently, BCH is down by -1.2% since yesterday with a market capitalization of $2,651,938,459.00 USD.
BCH price analysis for 04 February 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Bitcoin Cash.
|Simple Moving Average (10)||110.77||Buy|
|Exponential Moving Average (10)||110.75||Buy|
|Simple Moving Average (20)||114.40||Buy|
|Exponential Moving Average (20)||114.04||Buy|
|Simple Moving Average (50)||117.01||Buy|
|Exponential Moving Average (50)||116.76||Buy|
While BCH’s Williams %R indicator is at -60.321 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The relative Strength Index (RSI) indicates that the BCH coin is in oversold phase, as RSI is at 25. The MACD line is standing below of the signal line after a crossover. Bitcoin Cash investors need to wait for any directional change over the daily chart.
Bitcoin Cash has few recovery chances and might continue testing immediate resistance level of $114.47 in the coming days. While the gradual bullish movement in the overall cryptocurrency space can keep BCH investors hopeful.