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.
BCHUSD Price Chart
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 Chart
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.
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