Bitcoin Cash price is climbing higher after a downside correction in BCHUSD pair from the $350 resistance level. If the uptrend continues, the price could retest the said resistance level.
Bitcoin Cash Price Technical Analysis
The price of Bitcoin Cash (BCH) was trading yesterday, August 7 in a bullish trend above the 12 and 26-day Exponential Moving Averages (EMAs). BCH bulls have broken the 12-day EMA and it is approaching the 26-day EMA. At the moment, Bitcoin Cash price is facing resistance at the 26-day EMA.
On the upside, if BCH bulls break above the $340 level, Bitcoin Cash price will climb towards the $350 resistance level. On the downside, if there is no break above $340, the price of BCH will decline towards the $330 support.
BCHUSD Price Short-term Analysis
Looking at the 1-hour chart shows, BCHUSD price is in a bullish trend. The EMAs are trending upward which is an indication that the price is in a bullish trend. Yesterday, the BCHUSD pair declined below the $340 support level and tested the $330 support level. Today, August 8, the price of BCHUSD is climbing higher, with an immediate resistance near the $340 level.
In the meantime, the BCHUSD price is in the oversold region of the daily stochastic while above the 20% range. This is an indication that BCH price is in a bearish momentum and sell signal.
Resistance Levels: $340, $350
Support Level: $330
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.