Bitcoin Cash Price Movement Analysis for 4th April, 2021

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.

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.

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