Bitcoin Cash [BCH] Price Prediction Today: The bulls among the bears spikes 5% in 24 hours

By John Isige
Published April 16, 2019 Updated April 16, 2019
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Bitcoin Cash [BCH] Price Prediction Today: The bulls among the bears spikes 5% in 24 hours

By John Isige
Published April 16, 2019 Updated April 16, 2019
  • BCH/USD short-term technical levels stay strongly positive despite the cryptocurrency market showing strong bearish signs.
  • The 12 EMA divergence above the 26 EMA shows that the bulls are gaining traction.

Bitcoin Cash is in the green amid a market that is steadily becoming bearish. The crypto has battled to reverse the trend following the loss on April 11 when it found support at $260.00 (range support). In fact, a new trend has been forming above the trendline as well both the 12 moving average exponentials (EMA)-hour and the 26 EMA 4-hour. The trading yesterday pulled Bitcoin above the range resistance at $320. Further correction formed a high around $334.31 before the bears took over control.

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Bitcoin Cash Price Analysis
Chart source: Tradingview

Bitcoin Cash 4-hour outlook

The 4-hour timeframe shows BCH/USD trading slightly below the range resistance. Slight gains recorded above the short-term support at $300 have not been able to break past the hurdle at $320. Meanwhile, short-term technical levels stay strongly positive despite the cryptocurrency market showing strong bearish signs. The 12 EMA divergence above the 26 EMA shows that the bulls are gaining traction and are not ready to give up control anytime soon. The trendline support is also functioning as a bouncing wall and if tested is likely to stop declines.

Also Read: Ethereum Price Prediction Today: Calm In The Wake Of A Brief Storm – $170 Is Nigh

The moving average convergence divergence (MACD) in the same 4-hour range is trending in an upward direction above the mean line (0.1). The move comes after a correction from the lows close to -7.52. The divergence of the signal line from the indicator shows the uptrend has a significant trend. In this case, if Bitcoin cash can break past the range resistance at $320, the move will most likely attract more buyers and increase their confidence of recovery towards $340 being a possibility.

Bitcoin Cash Key Technical Indicator

12 EMA 4-hour: $306.14

26 EMA 4-hour: $297.34

MACD 4-hour: +8.17

Key range: $260 – $320

Resistance 1: $320.00

Resistance 2: $334.31

Resistance 3: $340.00

Support 1: $300.00

Support 2: 280.00

Support 3: $260.00 (previous week support).

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1116 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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