Bitcoin Cash [BCH] Price Analysis: Bulls and bears fight it out as token trades sideways

The sixth largest cryptocurrency in the market, Bitcoin Cash [BCH] has made meager gains as the collective market added $1 billion on 16 February. The top 10 is colored in stripes of red and green, with the three coins capping off the top 10, TRON [TRX], Stellar Lumens [XLM], and Binance Coin [BNB], all trading in red while the rest are looking upwards.

Bitcoin Cash’s value against USD is up by a small margin of 0.55 percent and is currently trading at $122.90. The market cap of the coin stands at $2.16 billion, while the coin trails EOS [EOS] and Litecoin [LTC] by $328 million and $478 million respectively.

In terms of exchange dominance, P2PB2B takes the top three spots with the trading pairs BCH/USD, BCH/BTC, and BCH/ETH, accounting for $14.37 million, $13.73 million and $13.13 million respectively.

1-hour:

The one-hour chart for Bitcoin Cash shows that the coin is trading sideways, with neither the bulls nor the bears taking charge. However, recent signs show an increasingly downwards movement.

Bitcoin Cash has been pushed down courtesy of two successive downtrends, the first extending from $125.8 to $119.79 and the next from $124.31 to $121.46.

The coin finds immediate support at $118.44, which the coin has not managed to slip below since prior to the February 8 rise. Bitcoin Cash posts an immediate resistance of $124.22, which the coin touched at the beginning of the week.

The Bollinger Bands indicate that the volatility of the coin is on a decline, while the Moving Average line indicates an imminent switch from the bears to the bulls.

The Chaikin Money Flow tool shows that money is being pulled out of Bitcoin Cash, as the CMF line is below 0.

The Fisher Transform line shows that the coin switched from the bears to the bulls at 2300 UTC on 15 February, following the Fisher line’s overtake of the Trigger line.

1-day:

The one-day chart for Bitcoin Cash shows a steep downtrend following the coin’s hardfork, which pulled down the price from $635.38 to $130.14. Prior to this downtrend, the coin rose up from $449.05 to $628.22.

Bitcoin Cash finds immediate support at $108.64, which has shot up from an earlier support level of $78.14. The coin’s immediate resistance level stands at $127.75, which is a shift downwards from an earlier resistance level of $198.22.

The Parabolic SAR shows that the coin is in a bullish phase, as the coin’s trend line is above the dotted lines of the indicator.

The MACD shows that the coin has been trading in a bearish zone, since the hardfork. However, the coin has been vying for a move out of the zone since early January.

The Relative Strength Index shows that the coin has been moving up on the investors’ shopping lists, as the RSI has shot up from 39.63, last week, to 46.95 at press time.

Conclusion

Bitcoin Cash has been in a recent tug-of-war with the short-term bulls trying to push the coin up, as the current market swings upwards, while the hardfork bears are still pulling the coin down. In the short term, since the market surged a week ago, BCH has been trading sideways, with the Bollinger Bands pointing to a volatility drop. However, in the long-term, the coin has stabilized since the bears of January pulled the price down to under $110, as indicated by the Parabolic SAR’s mild bullish signs and the minimal increase in investor interest.