Bitcoin Cash (BCH) Closes Last Hour Up $1.40; Price Base in Formation Over Past 30 Days, Heads Up For the 3rd Straight Day, in a Downtrend Over Past 14 Days

The Hourly View for BCH

Last Updated February 1, 2021, 02:016 GMT

At the time of this writing, Bitcoin Cash’s price is up $1.4 (0.35%) from the hour prior. The hourly chart shows that Bitcoin Cash has seen 2 straight up hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being above it. 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 is up 2.55% ($10.39) since the day prior, marking the 3rd straight day an increase has occurred. The change in price came along side change in volume that was down 34.2% from previous day, but up 46.87% from the Sunday of last week. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin Cash ended up ranking 4th for the day in terms of price change relative to the day prior. The daily price chart of Bitcoin Cash below illustrates.

BCH

Bitcoin Cash Technical Analysis

Coming into today Bitcoin Cash is now close to its 50 day moving averages, which may act as price barrier for the asset. 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. Price action traders in particular will want to note that the 30 day period 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.

Overheard on Twitter

Over on Twitter, here were the top tweets about Bitcoin Cash:

  • From IamNomad:

    oh man one more CNBC clown show and im done.Remember when CNBC was shilling bitcoin cash for a month and Twitter proved out a funding connection to Melissa lee via her husband to the “bitcoin cash foundation” via Linkedin?

  • From etherbalance:

    so they could make a buck on their own patented and convoluted “solutions” while rendering it harmless to protect the current financial status quo. Luckily, Bitcoin as described in the whitepaper by it’s inventor Satoshi Nakamoto continued to exist under the name Bitcoin Cash.

  • From masterch3ef:

    @KimDotcom @OrganicAnt Try again, the lightning network works. Centralization is not that of an issue as long as the base layer is decentralized. bitcoin cash suffers from node centralization at this moment and it’s getting much worse if people start using it and if it would try to scale. You know that

As for a news story related to Bitcoin Cash getting some buzz:

Bitcoin Cash Transactions Intensify, Daily Count Nears BTC, Big Blocks Help Clear Throughput – Bitcoin News

Statistics show that bitcoin cash daily transactions have been increasing every day since the last week of 2020….Bitcoin Cash miners have processed upwards of 300,000+ daily transactions on various days during the past week….The large block processed 14,910 transactions and with the 6.25 BCH block rewards only $25 in fees were paid for the transaction confirmation….What do you think about the increased transaction count on the Bitcoin Cash blockchain?