Bitcoin Cash (BCH) Price Near $254.13; Heads Down For the 2nd Straight Day, Price Base in Formation Over Past 30 and 90 Days

The Hourly View for BCH

Last Updated November 15, 2020, 02:036 GMT

At the moment, BCH’s price is down $-5.37 (-2.07%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as BCH has now gone down 4 of the past 5 hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Regarding moving averages, it should first be noted that price has crossed the 100, 20 and 50 hour moving averages, resulting in them with price now being below them. 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

Bitcoin Cash came into today down 1.45% ($3.75) from the open of yesterday, marking the 2nd straight day a decline has happened. As for how volume fared, yesterday’s volume was up 4.23% from the previous day (Friday), and up 157.1% from Saturday of the week before. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin Cash ended up ranking 2nd for the day in terms of price change relative to yesterday. The daily price chart of Bitcoin Cash below illustrates.


Bitcoin Cash Technical Analysis

Coming into today the current price of Bitcoin Cash is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 16 out of the past 30 days.