Bitcoin Cash Price Movement Analysis for 21st March, 2021

Spread the love

 530 Interactions,  2 today

Like the Bitcoin market, the Bitcoin cash market saw a sell-off. The 11th largest cryptocurrency, with a market cap of $9.90 billion, was priced at $528.70. However, in the long run, this decline was part of a business cycle and could not have an impact on the coin’s long-term prospects.

Bitcoin Cash 1-day chart

The Bitcoin Cash price was recently funded at $356, however owing to the uncertainty of the Bitcoin economy, the digital asset’s valuation has since been moved higher on the price scale. BCH broke through support thresholds and hit a high of $656.66 before retracing to $494.

Since the Bitcoin hard fork, the price has been between $494 and $575. The long-term chart showed that a consolidation pattern was in place. This pattern can persist, and traders should be on the lookout for signs that BCH will break away from it.

Reasoning 

RECOMMENDED READ:  Bitcoin 'brings something markedly different to portfolios:' Ruffer

The Bollinger bands were signalling that market uncertainty was declining when the price started to shift along the aforementioned price level. At the time of publishing, market turnover has fallen to a bare minimum, causing the price to shift horizontally rather than anticipate a price swing.

Meanwhile, the Relative Strength Index showed that the economy was in an equilibrium state. This meant that the purchasing and selling forces were actually balancing each other. This accelerated the sideways movement.

The Chaikin Money Flow, on the other hand, has recently sunk below zero. This meant that capital was fleeing the market, which was a bearish warning. However, the CMF has been oscillating near zero for the past few days and may rise above it.

Conclusion

The new Bitcoin Cash market has been going sideways with no uncertainty. This pattern will persist in the long run, unless Bitcoin’s uncertainty affects BCH’s business.

Leave a Reply

Contact Us