- Bitcoin Cash(BCH) was unable to recover yesterday’s support at $616
- A downswing extending to $400 is on the sides
- The opening price for Bitcoin Cash on the daily trading chart is $593.
Bitcoin Cash Price Analysis: General price overview
Bitcoin Cash(BCH) was unable to recover yesterday’s support at $616 during the early trading hours after getting rejected at $606. This led to a serious price dip below $600, thereby giving control to the bears who are attempting to correct the price below May’s support of $468. This level is likely to activate more selling pressure and cause a downswing extending to $400. Buyers should overcome the 20-day exponential moving average and readjust the relative strength index from the negative region for bulls to regain control of the market. Such a comeback would steer the Bitcoin Cash(BCH) price to the 50-day simple moving average at $930.
At the moment, we are only seeing the bears prevail after breaking below the lower line of the present descending triangle. Besides, Bitcoin cash is still trading below the 15, 20, and 25-day EMAs. So bulls can invalidate the bearish trendline by pushing BCH to $675. If they won’t, chances are high of a volume-supported bearish trendline stopping below $466.
The moving average convergence divergence (MACD) indicator has the blue and red lines aligned. Since the start of June, it has been the case for Bitcoin Cash, suggesting no signs of positive momentum. However, the 50-day simple moving average readjusted into a point of resistance, suggesting the need for bulls to regain broader market support for any reasonable rally to hold. Another important indicator is the 100-day SMA, which is already closing in towards the price. A pretty unusual situation granted the 100-day SMA has remained far away from the price since the May 19 downswing.
Bitcoin Cash Price Analysis: Bitcoin cash price movement in the last 24-hours
The opening price for Bitcoin Cash on the daily trading chart is $593. The coin when ahead to set an intraday high of $604 and an intraday low of $564. Such a trading range, with a large margin, indicates high volatility across the 24-hour chart. Bulls seem to be making an attempt against the first major resistance at $585. If they manage to break above this price level, there will be high chances of retesting above the intraday high of $604.
Bitcoin Cash Price Analysis: Bitcoin cash 4-hour price chart
At the time of writing, Bitcoin Cash is trading at $585 against the US dollar. The RSI is pointing towards the positive region, suggesting an uptrend. However, even if BCH will rise to $604 – there seems fewer chances of going above $620. We have seen the price of the coin repeatedly retest the support between $604 and $605.
Conclusion: Buyers are coming
Buyers are building up support to make a comeback from the May crash. Their next target is the 50-day simple moving average; the next price hurdler rests at the 20-day exponential moving average. This means all they need is enough strength to consolidate above the 20-day EMA and rally towards the 50-day simple moving average.