Bitcoin cash price analysis reveals that Bitcoin cash price continues to take a pounding for another day.
Bitcoin Cash price analysis shows that the BCH price had been trading at the three hundred and fifty-eight dollars ($358) mark at the start of the day. Only to hit the low point of two hundred and sixty-seven dollars ($267) mark.
BCH price currently stands at three hundred and nineteen dollars ($319) mark, while the price is down by over ten and a half percents (10.67%).
Bitcoin Cash price analysis: Resistance/Support
Bitcoin Cash (BCH) is issuing a sell signal due to its failure to overcome the fifty (50) day SMA. It rested above a key resistance level of three hundred and forty-five dollars ($345.80), which the bulls have stampede over.
The twenty (20) day moving average was crossed by BCH due to excessive selling which also bought the RSI below fifty, at forty-seven (47.7). A price break, after BCH reaches the three hundred dollar mark ($300) on the lower end will station the cryptocurrency at the base of the head and shoulders pattern.
On the far side, BCH might rise as it is encapsulated inside a rising triangle pattern giving bullish signs. And the upside resistance that the cryptocurrency is going to face will be at four hundred and twenty-eight (428.54). Next up is the five hundred dollars ($500) mark.
Now it all weighs down on if the buyers push the price above the three hundred dollars ($300) mark.