After a brutal bear attack, Bitcoin Cash [BCH] recovered part of its losses on the back of the bulls. The token’s value against the US dollar spiked by 0.53% in the last 24 hours and the token was valued at $131.30, at press time.


The market capitalization remained steady at $2.3 billion, with the 24-hour trading volume capped at $264 million. The coin was most traded on P2PB2B exchange via the BCH/BTC and BCH/USD pairs, which contributed to 9.84% and 6.51% of the total trade volume, respectively.


1-hour


Source: TradingView


The short-term chart pictured a bearish trend for the coin. The uptrend extended from $123.50 to $131.30 and the price movement was sideways between the resistance lines at $132.60 and $126.30. The support line for the coin stood at $121.90.


The Bollinger Bands were diverging, indicating a volatile period for the coin.


The MACD line indicated a bullish trend for the coin, as the blue line hovered over the red line after witnessing a crossover.


The Relative Strength Index or RSI pictured an even buying and selling pressure for the coin as the marker stood between the overbought and oversold zone.


1-day


Source: TradingView


The long-term chart was bearish since the end of last year as the coin failed to recover from its losses. The downtrend extended from $626.50 to $154.80, while no significant uptrend was seen. The resistance levels were found at $651.80 and $412.10.


The Parabolic SAR indicated that the coin continued to be bearish, as the dotted lines remained above the candlesticks.


The Fisher Transform pictured a bullish trend for the token, as the blue line remained above the red line.


The Awesome Oscillator indicated bearish momentum for the coin market.


Conclusion:


The short-term indicators projected an impending trend change for the coin on the back of some bullish activity. The long-term chart however, pictured a continuing bearish trend for the coin.


The post Bitcoin Cash [BCH] Price Analysis: Bears’ grip loosens as bulls fight back for control appeared first on AMBCrypto.




Full article