Bitcoin Cash (BCH) Price Near $504.33; Bearish Engulfing Pattern Present, But Still in an Uptrend Over Past 14 Days

The Hourly View for BCH

Last Updated February 24, 2021, 00:016 GMT

At the moment, Bitcoin Cash’s price is down $-12.2 (-2.36%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as Bitcoin Cash has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Bitcoin Cash Daily Price Recap

629.63 (USD) was the opening price of the day for Bitcoin Cash, resulting in the day prior being one in which price moved down 10.93% ($77.25) from the day prior. This move happened on lower volume, as yesterday’s volume was down 7.6% from the day before — and down 54.41% from the same day the week before. On a relative basis, Bitcoin Cash was the worst performer out of all 7 of the assets in the Top Cryptos asset class during the day prior. The daily price chart of Bitcoin Cash below illustrates.

BCH

Bitcoin Cash Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that Bitcoin Cash’s price has gone up 8 of the previous 14 trading days. Price action traders may wish to observe the bearish engulfing pattern that has emerged over the past two trading days; in light of the uptrend on the 30, 14 and 90 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin Cash:

  • From btcfork:

    Hey @MoneyGram , give Bitcoin Cash a try! 🙂I would describe it as an excellent means of facilitating international payments.It’s not a security, since it’s basically just an upgraded version of Bitcoin that plans to keep on scaling to meet global demand.#BitcoinCash $BCH

  • From GeorgeDonnelly:

    We’re thinking of creating a #Bitcoin Cash #BCH “ambassador” program across Venezuela with the goal of onboarding 50,000 new people to Bitcoin Cash just in Venezuela by the end of this yearLooking to partner with other BCH companiesWe=@PanmoniCom @BitcoinCashSite @BCHLatam

  • From GeorgeDonnelly:

    A cryptocurrency that does not serve the mass population of Earth is a technological toy, nothing more. That is why Bitcoin Cash addresses the $90 trillion cash use and is scaling to serve the globe.

For a longer news piece related to BCH that’s been generating discussion, check out:

How much is Bitcoin Cash really worth? A fundamental analysis using “Currencies Fair Value” model

We find that the current “fair value” for BCH is around $2500….Conclusion: According to the “Currencies Fair Value” model, BCH is still at a bargain price at this point, especially relative to BTC….Thank you for reading….I just read your article….BCH market cap is currently 1/70th that of BTC, so BCH is very undervalued considering that metric also….Thank you for reading!…BCH can be both.