Bitcoin Cash price is in a bearish trend and is likely to decline further to the lows of $160 or $200 support levels.
Yesterday, August 30, the price of Bitcoin Cash (BCH) was in a bearish trend, trading below the 12 and 26-day Exponential Moving Averages (EMAs). After BCH price tested the $360 resistance level on August 13, the bears pulled the coin below the $300 support level. Bitcoin Cash price even broke the previous low of $280 to move further into the bearish trend zone.
Currently, the price of BNB is trading at the $282 level. On the downside, if the bearish trend continues, Bitcoin Cash price is will likely decline further to the lows of $200 or $160 support levels. On the upside, if more buyers emerge, the coin will rise and retest the $400 and $480 price levels.
In the meantime, Moving Average Convergence Divergence (MACD) line and the signal line are sloping below the zero lines. This indicates that the price is in the bearish trend zone and a sell signal.
On the 1-hour chart, BCHUSD price is in a bearish trend. The12 and 26-day EMAs are trending downward indicating that price is in a bearish trend. The bulls made three attempts to break the $320 price level but were resisted and the coin resumed its downward trend.
In the meantime, the MACD line and the signal line are sloping below the zero lines indicating that the price of BCHUSD 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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