The BCH coin price experiences a surge in buying pressure from the $300 mark resulting in a reversal rally eyeing the $400 mark. Key technical points:
- The coin price challenges the 100-day EMA.
- The BCH coin price has jumped 12.62% in the last 24 hours.
- Finally, the 24-hour trading volume of Bitcoin Cash is $4.875 Billion, marking a 27.02% rise.
Past Performance of BCH
BCH coin price showcased a consolidation fallout formed near the psychological resistance of $400, resulting in a 22% downfall within a week. However, to the sellers’ surprise, buyers halt the downtrend before reaching the crucial level of $270, resulting in an early reversal. In the last 48 hours, the price action formed two consecutive bullish candles accounting for a 16% rally.
BCH Technical Analysis
BCH coin price retraces back to the psychological barrier of $400 with a significant increase in trading volume representing a bullish commitment. First, however, the buyers must surpass another opposition at the confluence of $350 and the 100-day EMA. The bearish alignment of the daily EMAs takes a sideways shift as the prices surpass the 50-day EMA and challenge the 100-day EMA. However, the bulls must get a closing in the 4-hour time to get an extra edge. RSI Indicator: The RSI slope shows a sharp V-shaped reversal from the oversold boundary and cracking above the halfway mark and the 14-day average. Hence, the indicator reflects a sudden surge in underlying bullishness. MACD Indicator: The fast and slow lines in the daily chart are merged after the downfall observed from $400. However, the bullish reversal increases the chances of the lines regaining the bullish alignment. In a nutshell, the BCH technical analysis highlights the possibility of the uptrend retesting the $400 mark.
The BCH/USD daily chart shows a sudden increase in bullish momentum with an early reversal surpassing the bearish EMAs. Hence, the uptrend projects the possibility of reaching the $400 mark if it sustains above $350 and the 100-day EMA. Support Levels: $300 and $275 Resistance Levels: $350 and $400