Bitcoin Cash Price Movement Analysis for 4th April, 2021

Spread the love

Despite minor corrections over the last week, the Bitcoin market has been rallying higher. Bitcoin Cash [BCH], its hard fork, has seen its price consolidate between trends as well.

BCH had a market capitalisation of $10.38 billion, was listed fourteenth on the CoinMarketCap list, and was trading at $548.

Bitcoin Cash 1-day chart

The Bitcoin Cash price map above indicated that the digital asset’s price had fallen towards the end of February. This decrease pushed the market as low as $404.

However, after the crash, the digital commodity stabilised and was now traded at the beginning of the year’s stage.

Reasoning

The market’s uncertainty has dissipated when the price has moved sideways. The price has been limited to $610 and $488, whilst the signal line has passed tightly under the price bars. This showed that, pending competition, the demand was still bullish.

The 50-day moving average, on the other hand, moved above the candlesticks, suggesting that the market had started to decline. Meanwhile, the relative strength index was previously similar to equilibrium, implying that buyers and sellers were similarly represented in the market.

RECOMMENDED READ:  BTC, ETH, BNB, ADA, DOT, XRP, UNI, LTC, LINK, BCH Prices Movement Analysis for 12th March, 2021

However, market sentiment had changed to the bulls’ side and was now attempting to rebound as it headed back into positive territory. Despite recent selling pressure, traders were attempting to balance the demand and maintain the price at $548.

 

Conclusion

The latest Bitcoin Cash map indicated a lack of uncertainty. The market has been closely consolidating within a narrow band, with help near $548. The traders were juggling the market’s selling and purchasing forces while the signal line helped the value. This was an indicator that the price will continue to shift sideways until the market is affected by external fluctuations.

 342 Interactions,  2 today

READ ALSO:
XRP Price Movement Analysis for 16th April, 2021

For some time now, the XRP price has been in a bullish pattern – and this trend will continue as Read more

EOS, Maker, Synthetix Price Movement Analysis for 16th April, 2021

EOS is expected to find good support in the $6.8 range. If Bitcoin stabilises above $60.5k, altcoins will be able Read more

Tezos Price Movement Analysis for 16th April, 2021

Tezos' price has risen by more than 9% in the last 24 hours, and it has been doing so since Read more

Bitcoin Cash Price Movement Analysis for 16th April, 2021

Bitcoin Cash has seen heavy bullish traction since the last week of March, with BCH exhibiting a consistent uptrend that Read more

Cardano Price Movement Analysis for 16th April, 2021

Cardano was poised for a breakout above the range highs of $1.49 just over 48 hours earlier. Bitcoin was unable Read more

Tron Price Movement Analysis for 16th April, 2021

After a quick rally this week, the Tron price has withdrawn. TRX is currently priced at $0.1538, which is marginally Read more

Dogecoin Price Movement Analysis for 16th April, 2021

The Dogecoin price is on a parabolic rise, with the highly-controversial cryptocurrency up by more than 90% in the last Read more

Bitcoin Price Movement Analysis for 16th April, 2021

Today, the Bitcoin price is plummeting as buyers race to win after it hit an all-time high of $64,945. Bitcoin Read more

Ethereum, Stacks, UNI Price Movement Analysis for 16th April, 2021

Ethereum showed a bearish divergence, which might cause the price to return to $2,370. However, gains in the altcoin market Read more

Enjin, Huobi Token, Tron Price Movement Analysis for 16th April, 2021

Enjin was set to fall below $3 once more. Huobi Token also attempted to break out of a short-term downtrend Read more

Leave a Reply

Contact Us