In today’s Bitcoin Cash price analysis, the bears have broken the EMAs and the price is approaching the previous low at $280. What is next? Gain insight into the following technical analysis.
Bitcoin Cash Price Technical Analysis
Yesterday, July 10, Bitcoin Cash (BCH) price was in a range bound movement below the 12-day and the 26-day Exponential Moving Averages (EMAs). BCH price had also been on a downward correction. On June 27, BCH bulls met resistance after they tested the $500 price level. As a result, the price of Bitcoin Cash went on a downward correction to the support level at $400 price level.
Since June 27, the price of BCH had been fluctuating above the $400 price level. On the downside, it was assumed that Bitcoin Cash price might likely decline since it was trading below the 12-day and the 26-day EMAs.
Today, July 11, the bears have broken the EMAs and the price of BCH is now approaching the previous low at $280. In the meantime, BCH price is in the oversold region of the daily stochastic while below the 20% range, which is an indication that the price is in a bearish momentum and sell signal.
BCHUSD Price Short-term Analysis
As the 1-hour chart shows, BCHUSD price is in a bearish trend. The 12-day and the 26-day EMAs are sloping southward to suggest that the price is declining. On July 10, BCH bulls met resistance after reaching a high of $425.
As a result, BCHUSD price dropped to a low at $364 The price is now facing resistance at the $425 price level. In the meantime, the price of BCHUSD is in the oversold region of the daily stochastic while below the 20% range. This is an indication that the price is in a bearish momentum and sell signal.
- Resistance Levels: $480, $500, $520
- Support Levels: $320, $380, $360
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.