Bitcoin Cash price analysis shows that the coin is struggling to move higher after the bears gained control of the market that saw it dropped below $320.
Yesterday, the price of Bitcoin Cash (BCH) failed to break above the resistance near the $340 level. Consequently, due to the bearish momentum, the market experienced a downward correction below the $330 and $320 support level.
However, at the time of writing this Bitcoin Cash price analysis, the coin is changing hands at the $317 level. This shows a lack of buyers at higher levels. The bears will now attempt to sink the altcoin.
On the downside, a break below the $319 level will result in the market finding support at the $306 and $280 levels.
On the upside, if more buyers emerge, the market will rise towards the $340 and $400 resistance levels. If the bulls can push the price above the $400 resistance level, a move to $500 is possible.
In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the price of BCHUSD is in a bearish trend. The path of the least resistance remains to the south amid growing selling activities. On the downside, the main support is now near $300, below which the price is likely to test the $290 support area in the short term. On the upside, BCHUSD may find resistances near $330 and $350.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a 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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