Bitcoin Cash price struggled to break above the $235 resistance level and it is currently trading towards the $220 support level.
Yesterday, October 1, the price of Bitcoin Cash (BCH) was consolidating below the 9-day and 21-day Exponential Moving Averages (EMAs). This is an indication that buyers and sellers are indecisive. The bulls pushed the price above the $225 and $230 levels but were resisted at the $235 resistance level. As a result, the market started a fresh decline, breaking below the $230 level and it is currently trading just at $223.
On the downside, if the downtrend continues, the crypto’s price will drop to $220 level. Conversely, if more buyers emerge, the coin will rise and retest the $235 price level.
On the 1-hour chart, BCHUSD price is in a bearish trend below the 9-day and 21-day EMAs. The market has been moving within the channel for the last five sessions.
It should be noted that the price is trading at the lowest levels that have been seen since April.
It the short-term, the market price might drop to the $220 level. Meanwhile, the BCH market is moving towards the lower limit of the channel and the trading volume is indicating a sell signal but the stochastic RSI is recovering from the oversold.
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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