Bitcoin Cash price is in the oversold region of the daily stochastic but below 40% range, which indicates that it is in a bearish momentum and a sell signal.
Bitcoin Cash Technical Analysis
In retrospect, Bitcoin Cash (BCH) was in a bullish trend last month. The price tested the $520 level but was range bound at the $480 level. On June 27, the bulls met resistance and Bitcoin Cash price was on a downward correction to a low of $411. The bulls made an attempt to pull above the Exponential Moving Averages (EMAs) but were repelled.
Bitcoin Cash price is below the EMAs which is an indication that it is likely to continue its fall. From the Fibonacci tool, the price of BCH dropped to the 0.786 Fib.retracement level. The price is in a downtrend zone and the current trend is assumed to be terminated. However, the BCH price is in the oversold region of the daily stochastic but below 40% range, which indicates that the price is in a bearish momentum and a sell signal.
BCHUSD Price Short-term Analysis
Looking at the 1-hour chart, BCHUSD price is in a bearish trend. The 12-day and the 26-day EMAs are trending southward to indicate that the price is falling. Yesterday, BCH bulls tested the $450 price level but they were, however, resisted.
The bears broke below the EMAs to reach the low at $ 400. The support at $400 is holding as the bulls make an upward move above the EMAs. In the meantime, the BCHUSD price is in the overbought region of the daily stochastic but below the 60% range, which is an indication that the price is in a bearish momentum and sell signal.
- Resistance Levels: $480, $500, $520
- Support Levels: $460, $440, $420
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.