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Bitcoin Cash Technical Analysis: Huge Drop In Active Addresses! Have Investors Shifted Their Focus?

Bitcoin Cash

Key Takeaways:

  • Bitcoin Cash closed the previous day’s price at $126.5 with a market capitalization of $2.47 billion and a circulating supply of 19.16 million 
  • The BCH price underwent a significant price action in the past few days which has raised the volatility to a large extent
Current Price $!28.81
Market Cap $2.46 billion
Circulating Supply 19.16 million
Total Supply 19.16 million
Vol (24H) $510.59 million
Change (7D) +9.9%

Additional Read: Top Cryptos this Week

Bitcoin Cash Technical Analysis for September 2022

Bitcoin Cash Price after plunging hard during mid of August maintained a consolidated trend until the first few days of September. The volume spike now and then which uplifted the price to some extent. However, the recent bearish action drained the price towards the low support but sustain above the pivotal $110 level. 

The price in the past couple of days has been heavily influenced by the bulls who uplifted the price beyond $130. No doubt the BCH token faced rejection at $140 but could certainly rebound in the coming days. On the other hand, the RSI & MACD are incremental and hence a consolidated upswing may be incoming. 

Technical Analysis at a Glance

Much similar to most of the other altcoins, Bitcoin Cash also drained heavily after it smashed highs close to $1600. After losing more than 90% of their value, the BCH bulls appear to be extremely exhausted by fighting at the lower support each time. 

However, the Bitcoin Cash price appears to have flattened the decreasing curve in the past couple of months, displaying a huge possibility to go parabolic soon.

Short-Term A significant buying volume has accumulated and hence the price may remain elevated for the next couple of days
Mid-Term The selling pressure has just eased out and hence the BCH price may pull a significant leg up soon
Long-Term The token is trying very hard to rise above the bearish captivity but falling short of required buying volume

Technical Indicators & Pivot Levels

Indicator Value (STF/HTF) Action (STF/HTF)
Relative Strength Index(RSI) 66.6 / 35.10 Buy / Sell
MACD 2.09 / -58.20 Buy /Sell
Average Directional Index(ADX) 41.29 / 42.20 Buy /Sell
Ultimate Oscillator 66.94 / 45.66 Buy /Sell
Bull-Bear Power 10.93 / -48.8 Buy /Sell

Pivot Levels

Moving Average Short Term Long Term
MA 5 $125.80 $ 124.50
MA 10 $120.36 $125.08
MA 20 $120.80 $153.03
MA 50 $118.38 $319.90
MA 100 $120.17 $433.36
MA 200 $129.97 $343.79

Additional Read: Bitcoin Price Prediction Weekly

Bitcoin Cash On Chain Metrics Analysis

  • The Whales are displaying a scekptical behaviour as the holders holding 100K to 1 million BCH has dropped their holdings heavily while the whales holding 1 million to 10 million have increased of-let.

Bitcoin Cash

Source: Santiment

  • The Bitcoin Cash daily active address have been plunging significantly in the recent times that remained more or less stagnant for more than 2 months.

Source: Santiment

  • The token maintained a decent share in the social dominance which rose to its peak but in the past 30 to 45 days, the dominance has plunged heavily. 

Source: Santiment

Bitcoin Cash (BCH) Technical Analysis for Short Term

Bitcoin Cash

Source: Tradingview

  • BCH price amid the recent price action broke above the falling wedge and presently consolidating heavily just above the resistance zone
  • The price has formed a significant bullish flag pattern that may assist the price to rise beyond $140 levels initially
  • If the asset withstands the bearish pressure at these levels, then the price may even reach the pivotal resistance close to $150, slicing through the $145 barrier
  • Here the bulls may reenter the trade and try to elevate the price beyond $200 before the end of the monthly trade

Bitcoin Cash (BCH) Technical Analysis for Long-Term

Bitcoin Cash Price

Source: Tradingview

  • As mentioned before, the BCH price has slashed more than 90% from its highs and presently is heavily consolidating along the last point of defense above $100
  • The BCH token is consolidating within 0 & 0.236 FIB levels and trying hard to reach the upper FIB levels, overcoming the previous rejection
  • The price in the long term has formed a significant double bottom pattern and the neckline collides with the 0.23 FIB levels at $160
  • A rise above these levels may lay down a notable upswing towards the next FIB levels at $210

Where & How to Buy Bitcoin Cash(BCH)?

Want to buy Bitcoin Cash (BCH)? Then you have landed at the right place! 

CoinDCX is India’s leading crypto exchange and registering here is very simple. Jus follow the below mentioned steps,

  • Download the CoinDCX crypto app on your smartphone
  • Register with your details
  • After your profile is verified, fund your wallet and buy Bitcoin Cash


Is Bitcoin Cash bullish or bearish?

The Bitcoin Cash price is extremely bullish in the short term, while the bears are feared to overtake the rally in the higher time frame.

What is the current RSI for BCH?

The RSI for BCH in the short term is 66.6 while in the long term it is 35.10.

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