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The BCH crypto price dropped over 3% in the last 24 hours to trade at $445.86 at press time.
BCH Crypto Testing Support
The BCH crypto price has been exhibiting a consolidated movement around the $448 to $454 range in recent sessions on the 4-hour chart. As a result, it shows signs of stagnation below key resistance levels. Despite minor fluctuations in closing prices from $448.1 to $454.4, the overall trend has been somewhat subdued. There is also a lack of significant bullish momentum.
The technical indicators for BCH point towards a bearish outlook in the short term. The 9 EMA (Exponential Moving Average) and 20 EMA lines have been trending downward, with the most recent readings at $453.81 and $458.76, respectively. This indicates a bearish crossover scenario where the shorter-term moving average resides below the longer-term average, suggesting that the downward pressure might continue.
Further corroborating this bearish sentiment is the Moving Average Convergence Divergence (MACD) indicator, which is currently positioned in the negative zone. The latest values show the MACD line at -3.495, with a signal line at -0.635, leading to a histogram value of -2.860. This widening gap between the MACD and its signal line underscores a strengthening bearish momentum.
The Relative Strength Index (RSI), hovering around 41.77, signals that the BCH crypto is neither in an oversold nor overbought condition, but it leans towards bearish territory due to its sub-50 reading. This adds to the cautious outlook for the asset.
Key Levels to Watch
Looking at potential movements, resistance and support levels are pivotal. BCH currently struggles to approach the first significant resistance at $465.1. Breaking above this level will then leave higher resistance levels at $473.2 and $473.5. On the downside, support levels are spotted at $448.7, followed by stronger supports at $428.6 and $427.9. These levels could play a crucial role if a downward break occurs.
For traders, considering potential entry and exit points, short positions may be considered around current levels with targets set near the first support level of $448.7. A stop-loss could be placed just above the nearest resistance at $465.1 to mitigate risks. For those looking for long entries, a clear break above $465.1 with adequate volume could signal a shift in momentum. Bullish traders could then potentially target subsequent resistance levels.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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