Bitcoin Cash price failed to break above the $325 resistance level and has corrected lower towards $309 level.
Yesterday, September 18, the price of Bitcoin Cash (BCH) was in a range-bound movement below the 12 and 26-day Exponential Moving Averages (EMAs). The bulls pushed the price to $332 and were resisted. As a result, the price started a downside correction to the support level of $305. At the time of writing, the market has risen slightly to $309.
On the upside, if more buyers emerge, the coin will rise and retest the $332 and $350 price levels. On the downside, if the bulls fail to break the EMAs, the crypto’ price will continue its range-bound movement.
On the 1-hour chart, BCHUSD is in a bearish trend. The below the 12-day EMA and the 26-day EMA are trending downward indicating that price is in a bearish trend. The $310 price level is now an overhead resistance level.
On July 31, the bulls tested the $332 price level twice and were resisted. The market fell as the bears broke below the EMAs. In the meantime, the market is in the oversold region of the daily stochastic but above the 20% range. This indicates that price 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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