Bitcoin Cash price experiences a drop to the $206 level from its trading value of $212 just as December 4 hits the calendar.
Bitcoin Cash Price Analysis for December 4:
According to the price chart shown above, the cryptocurrency had depicted a ruffled price pattern in the first quarter of the 1-Day price analysis. The price line curved downwards just when December 3 came to its conclusion at 210.29 US dollars.
The bearish movement took the price line below the $204 level and caused it to continue its propagation between the $204 and $206 levels. After mid-day December 4, the cryptocurrency saw bulls at $206.10, which led to an abrupt and immediate rise that took Bitcoin Cash to its day’s high of 218.81 US dollars. The trading pair retraced below the $214 level and closed the day with a trading price of 213.50 US dollars.
Technical Analysis: Moving Average Convergence/Divergence
The moving averages had travelled along with the trading pair through most of the price analysis, although the 50-Day Moving Average (MA) strayed away from the price line when it experienced bears at the end of December 3. The MA slid below the price line when it showed an abrupt incline across the $218 level.
The 50-Day MA closed at $214.61, while the 20-Day Exponential Moving Average (EMA) traced relatively close to the price line, with a closing value below the MA, at $213.49. The Relative Strength Index is found at 44.82 at the time of writing.
Featured Image Background by Laura Vinck.