Bitcoin Cash price will rise and retest the $400 and $480 price levels if the bulls break above the 12 and 26-day EMA. What more? The following technical analysis reveals.
Bitcoin Price Chart
In retrospect of last week, Bitcoin Cash (BCH) price was in a range-bound movement below the 12 and 26-day Exponential Moving Averages (EMAs). In the previous weeks, the price of BitcoinCash had been on a downward correction. On June 27, BCH bulls met resistance at the $480 price level and the price went on a downward correction to a low at $400 price level.
BCH bulls defended the support level for over a week before it was broken by the bears. On July 14, the downward trend was corrected at the $280 price level. Bitcoin Cash price had been ranging below the EMAs in the last two weeks.
On the upside, if the bulls break above the EMAs, the price of BCH will rise and retest the $400 and $480 price levels. On the downside, Bitcoin Cash price will continue its range-bound movement below the EMAs if the bulls fail to break the EMAs. In the meantime, the BCH price is in the overbought region of the daily stochastic but above the 40% range. This is an indication that the price is in a bullish momentum and buy signal.
BCHUSD Price Chart
Looking at the 1-hour chart, BCHUSD price is in a sideways trend. The 12 and 26-day EMAs are trending horizontally indicating that the price of BCHUSD is in a sideways trend. On July 27, BCH bulls met resistance in the bullish trend zone at a price of $324.
BCHUSD price declined as the bears broke the EMAs to a low of $304 price level. The price is now oscillating below and above the EMAs. In the meantime, the BCH price is in the overbought region of the daily stochastic while below the 60% range, indicating that the price is in a bearish momentum and sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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