Disclaimer: The findings in the following article attempt to analyze the emerging patterns in the short-term Bitcoin Cash market and their impact on the price.
The value of Bitcoin cash It has been on a downward trajectory since the news about the OKEx fiasco broke. The sudden drop was followed by a gradual descending price that was currently near the resistance level at $ 252.50.
As the value of Bitcoin cash began to move in a narrow range, the volatility in the market has reduced and the trend has also reversed.
After the price drop on October 16, the short-term price of BCH was moving along a descending channel making lower highs and lows. In the last hours, the value seems to stabilize at $ 250, but the trend was bearish.
The marker line was trending below the candles before the dip, noting an increase in price, but the dip reversed this price trend. Also, volatility increased but has now decreased given the convergence of Bollinger Bands.
While the Chaikin money flow index assumed a positive value suggesting an uptrend in the BCH market. As short-term pressure escapes from the market, the BCH price may experience a further surge and may break the resistance at $ 252, which would also confirm a breakout of the descending channel.
The visible range for the given period also pointed out that the checkpoint is at $ 252, making it a stronger resistance for BCH to break through. The price level has traded a lot and from the looks of it, traders have been actively trading between the $ 251 and $ 254 range.
The 50 moving average noticed the change in the digital asset price trend and may act as a psychological resistance for BCH. The price level to focus on in the short term was its immediate resistance at $ 252 and its support at $ 249.
This is a machine translation of our English version.
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