Bitcoin Cash emerged as the highest gainer among the major coins on the 23 January 2019, as the market switched to green and rose above the $120 billion mark. The rise was brief, with the coin trading in red once again as the market made a U-turn to the bears.
The fourth largest cryptocurrency in the market, Bitcoin Cash’s price has managed to stay above the $128 mark, despite declining against the US dollar by 1.25 percent. The coin’s market cap has been on an incline since 22 January and is now pegged at $2.25 billion, adding well over 56 million against EOS [EOS] in fifth place currently.
Three different exchanges dominate the Bitcoin Cash market at press time. Taking the top spot is P2PB2B, which holds 5.63 percent of BCH trading volume or $16.72 billion in the BCH/USD trading pair. Following P2PB2B is L-Bank and Huobi Global holding 5.55 percent and 5.5 percent of the BCH market in the BCH/BTC and BCH/USDT trading pairs.
The one-hour chart of Bitcoin Cash shows a prominent uptrend exhibited earlier this week, extending from $120.76 to $129.29. Prior to the uptrend, the coin shot down in two separate downtrends, the first extending from $130.02 to $127.21 and the second stretching from $128.49 to $121.78.
Bitcoin Cash has found immediate support at $125.9 and the coin surged above following the January 23 rise. The immediate support level for Bitcoin Cash is found at $134.22 after the coin touched the same after a week.
The Bollinger Bands point to an increase in volatility as the price declined following the recent upswing. The Moving Average line in the short term points to a bearish market.
The Fisher Transform indicator shows that the coin has recently broken into a bullish swing in the short term.
The Chaikin Money Flow tool is just hovering below 0, indicating that investors are on the fence about purchasing Bitcoin Cash.
The one-day chart is marred by a steep downtrend initiated by the Bitcoin Cash hardfork, which the coin has not recovered since. The downtrend extended from $626.06 to $86.04. Prior to the downtrend the coin up-surged from $443.04 to $622.68. Post the hardfork, an uptrend was exhibited, but it failed to salvage much of the lost market cap.
Bitcoin Cash found immediate support at $72.48, while the coin found immediate resistance at $196.76. Before the hardfork, the coins’ support and resistance levels were: $411.41 and $630.58 respectively.
The Awesome Oscillator points to a bearish market, as the AO line is below the O mark.
The Parabolic SAR points to a mildly bearish market as the dotted lines are aligned slightly above the coin’s trend line. However, if the current conditions persist, the coin could break for the bulls.
The MACD line points to a bearish market as both the MACD and the Signal line are below 0.
Bitcoin Cash has, for the first time since the untimely hardfork, showed signs of push upwards in two separate January cycles. The BCH market is still bearish in the long run, however, the severity has decreased with the bulls looking to break-in sometime soon. Major indicators point to a mildly bullish market in the short term, while in the long run, the bears dominate.