- BCH token price trades below the $600 mark below all significant EMAs in the daily technical chart.
- The technical chart observes bearish crossovers of 50 and 100 EMA with the increasing possibility of a death cross.
- The BCH/BTC pair was trading at 0.01592 BTC, a negligible intraday gain of 0.82%.
BCH token price observed a bearish cross of 50 and 100 EMA, projecting a further downtrend. The recent closing of BCH Token below the $600 mark suggests a fall soon. Investors may shortly observe a sharp selling in the coin.
The coin price is resonating within a descending triangle that might result in a 30% price fall under the bearish cross influence upon breakout. The recent boost in selling volume in the chart projects the underlying bearishness in the price chart.
The declining bearish momentum of RSI and slowly increasing trend momentum by ADX implies bearishness. However, the coin price hangs within the triangle, making investors wait for a fallout.
Presently, the BCH/USD pair trades at $568 with an intraday gain of 1.79% in the market cap. Furthermore, the intraday trading volume of BCH declines at a rate of 6.4%; nonetheless, the coin ranks at the 12th position within the crypto-verse as per market cap.
Bearish Alignment Of The EMAs In BCH Token Price Chart
BCH Token has made a formidable morning star pattern with a bit of boost in volume. The 50 EMA supports the morning star, but the follow-through of the structure will breach the EMA.
The boost in selling volumes in the weekly timeframe indicates higher selling pressure suggesting investors either exit or hold on before investing. As per the price action, $360 and $250 are the following support levels. However, in the unlikely case of a breakout, the coin price may find resistance at $650 and $750.
EMA- (50,100,200) – the coin price has breached all the critical EMAs and trades below them. The alignment of all the EMAs is in a bearish manner, with no seeming possibility of price pushing above any of it shortly.
The relative strength indicator (bullish) is moving just above the higher as the line is spiked. The ADX indicator, with a value of 37, is moving downside, indicating a loss of momentum in the downtrend.
Conclusion – BCH token has given closing below the critical support level of $600; however, the suggested inevitable downfall in price might soon start as the descending triangle breaks. Most of the technical indicators alarm the sell signal indicating an exit sign and wait for buying the dip moment.
Resistance: $650 and $700
Support: $360 and $250