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Bitcoin Cash has broken below the 50day SMA and the downtrend is still very much in tact. The BCH token is currently trading at $1800 and I expect it to remain in the $1800-2000 price range until we can complete a sharp rally up. As with most cryptocurrency markets, a large correction may be in order before we see a re-test of the $3000 price level.
The price of Bitcoin Cash has been trading a lot higher than its 50-day simple moving average (SMA). This is a bullish signal that is leading the price closer to the $7,500 price level.
As the price of Bitcoin Cash has steadily increased since its launch, the price of Bitcoin Cash in USD has been consolidating within a bullish trendline that was first identified in late-January. As the price of Bitcoin Cash has fallen to test this trendline, the price of Bitcoin Cash in USD has been steadily increasing.
Summary of the situation
- Bitcoin Cash (BCH) failed to regain support at $616 yesterday.
- A downward move toward $400 is drawing in on the sides.
- The starting price of Bitcoin Cash on the daily trading chart is $593.
Bitcoin Cash Price Analysis: Price Overview
Bitcoin Cash (BCH) failed to reach yesterday’s support at $616 in the early hours of trading, after being pushed back to $606. This led to a significant drop below $600, putting the bears in control who are now trying to correct the price below May support at $468. This level is likely to trigger selling pressure and cause a drop to $400. Buyers must break above the exponential moving average of the 20-day line and push the relative strength index out of the negative territory for the bulls to regain control of the market. Such a retracement would drive the price of Bitcoin Cash (BCH) towards the 50-day simple moving average at $930.
At this point, we see that the bears have gained the upper hand after breaking the lower line of the current descending triangle. In addition, Bitcoin Cash is still trading below the 15, 20, and 25 day EMAs. As a result, the bulls could break above the downtrend line and push the BCH towards $675. If not, there is a good chance that the volume-supported downtrend line will end below $466.
The moving average convergence indicator (MACD) has blue and red lines that coincide. This has also been the case for Bitcoin Cash since early June and shows no signs of positive momentum. However, the 50-day simple moving average has corrected to a resistance point, suggesting that the bulls need to rebuild broader market support in order to post a decent rally.
Another key indicator is the 100-day SMA, which is already approaching price. This is a rather unusual situation when the 100-day SMA since the drop on the 19th. May remains way off course.
Bitcoin Cash Price Analysis: Bitcoin Cash price movement in the last 24 hours
The starting price of Bitcoin Cash on the daily trading chart is $593. The currency then hit an intraday high of $604 and an intraday low of $564. This range indicates high volatility on the 24-hour chart. The bulls seem to be trying to break through the first major resistance at $585. If the breakout above this price level is successful, there is a good chance of a retest above the $604 intraday high. Source: Tradingview
Bitcoin Cash Price Analysis: Bitcoin cash 4-hour price chart
At the time of writing, Bitcoin cash stands at $585 to the US dollar. The RSI is drifting into positive territory indicating an upward trend. However, even if the BCH hits $604, there seems to be less chance of it going above $620. We have seen that the price of the currency has repeatedly tested support between $604 and $605.
Conclusion: Buyer shall wait
Buyers are building support for a comeback after the collapse in May. Your next price target is the 50-day simple moving average; the next price barrier is at the 20-day exponential moving average. This means they only need enough strength to break above the 20-day EMA and head towards the 50-day simple moving average.
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