Bitcoin Cash Price Analysis: BCH is up 50% in the past four days
|- Bitcoin Cash price seems to finally catch up to the market reaching a price of $372 in the past 24 hours.
- The digital asset could be facing some short-term selling pressure.
BCH was trading sideways throughout October and most of November until a massive 20% breakout on November 21, driving Bitcoin Cash price above $300 for the first time since September 2.
Bitcoin Cash price might be poised for a pullback
On the 12-hour chart, the TD Sequential indicator has presented a sell signal at the peak of $372. The last two calls had significant follow-through which adds strength to the current signal.
BCH/USD 12-hour chart
BCH’s confluence detector shows a significant support level at $339 which is the Pivot Point 1-day Resistance 1. Closer to the current Bitcoin Cash price of $343, there is another notable support level at $340 which coincides with the previous 4-hour low and the 100-SMA on the 15-minutes chart.
BCH Confluence levels
There seems to be less resistance on the way up with the most significant point at $344 where the 4-hour 5-SMA and the previous 15-minutes chart high are located. Additionally, the area between $345 and $346 also seems to offer some resistance. A breakout above this range could quickly drive Bitcoin Cash price towards $350.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.