Bitcoin Cash (BCH) Price Near $256.03; Pin Bar Pattern Appearing on Chart, Heads Down For the 2nd Consecutive Day

The Hourly View for BCH

Last Updated November 20, 2020, 23:16 GMT

At the moment, BCH’s price is down $-0.31 (-0.12%) from the hour prior. This is the 2nd straight hour BCH has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Of note is that the 20 hour changed directions on BCH; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Bitcoin Cash Daily Price Recap

Bitcoin Cash came into today down 0.36% ($0.89) from the open of the previous day, marking the 2nd consecutive day a decline has happened. This move happened on lower volume, as yesterday’s volume was down 10.51% from the day before — and down 36.08% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin Cash ended up ranking 6th for the day in terms of price change relative to the previous day. Here is a daily price chart of Bitcoin Cash.

BCH

Bitcoin Cash Technical Analysis

Notably, 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to view things another way, note that out of the past 30 days Bitcoin Cash’s price has gone down 16 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.