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BitcoinCash price analysis: BCH Token Price Resonates Within the Descending Triangle With Increasing Bearishness

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  • BCH token price is trading just above the $600 mark, but market analysts soon expect a fall.
  • The coin price is trading below all significant EMAs of the 24-hour price chart.
  • The BCH/BTC pair trades at 0.01574 BTC, a negligible intraday gain of 1.50%.
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BCH token price soon expects a bearish crossover of the 50 and 100 EMA in the daily chart. Investors might see a fall soon as the coin price has bottled up within the triangle and might fall out soon.

Analysts expect a 30% fall after a successful fallout, suggesting that the fallout could be considered an exit signal. The fall will bring a great opportunity to enter by buying the dip.

Presently, the BCH token price is valued at $619, with an intraday loss of 0.31% in the market cap. Furthermore, the intraday trading volume of BCH  has increased 21.80% in the past day, suggesting an increase in selling pressure. Nonetheless, the coin ranks at the 11th position among the cryptocurrencies.

Increasing Bearish Momentum Within The Triangle For BCH Token

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The boost in trading volume in the BCH coin price and the fall indicates an increase in selling pressure suggesting investors either exit or hold their chips to buy the dip.

As per the price action, $360 and $250 are the support levels beneath the triangle. However, in the unlikely case of a bullish breakout, the BCH Token price may find resistance at $650 and $750.

EMA- (50,100,200) – the coin price is trading below all the critical EMAs with the bearish alignment. The coin price shows no possibility of breaching any of the EMAs shortly.

The bearish momentum of RSI and decrease in trend momentum by ADX implies bearishness. However, the coin price resonates inside the triangle suggesting investors wait for the fall and buy the dip.

Conclusion – BCH token is yet to close below the support level of the triangle. However, the chance of Fallot is very probable, indicated by the price action and the technical indicators. 

Resistance: $650 and $700

Support: $360 and $250