In today’s Bitcoin Cash price forecast, if the bulls break above the EMAs, the BCHUSD pair will rise to retest the $475 resistance level. Gain insight into the following technical forecast.
BCHUSD Price Chart
In retrospect, Bitcoin Cash (BCH) price was in a range bound movement below the 12-day and the 26-day Exponential Moving Averages (EMAs). On June 22, BCH bulls rose to the $500 price level but pulled back to resume a range bound movement above the $475 price level. On June 27, BCH bulls again tested the $500 and but they met resistance, resulting in a downward correction to the support level at $ 400. Bitcoin Cash price is now oscillating above the $400 level and below the EMAs.
On the upside, if the bulls are able to break above the EMAs, the price of Bitcoin Cash will rise to retest the $475 resistance level. On the other hand, BCH price is below the EMAs, which is an indication that it may likely fall. In the meantime, the price of BCH is in the oversold region of the daily stochastic while above the 20% range. This suggests that the price is in a bullish momentum and buy signal.
BCHUSD Price Chart
As the 1-hour chart shows, BCHUSD is in a sideways trend. The 12-day and the 26-day EMAs are sloping horizontally to suggest that the price is in a sideways trend. BCHUSD price is facing resistance at the $415 price level. Today, BCH bulls tested the $415 price level but they met resistance. The price is now retracing to the support level of the EMAs. If the price of BCHUSD breaks below the EMAs, it will drop to the previous low of $400.
In the meantime, BCHUSD price is in the oversold region of the daily stochastic while above the 60% range, an indication that the price is in a bullish momentum and buy 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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