- On the upside, the crypto’s price will rise and test or break the trend line.
- The first downward correction was below the EMAs at the $411 price level.
BCH /USD Medium-term Trend: Bearish
- Resistance Levels: $480, $500, $520
- Support Levels: $300, $290, $280
Last week the price of Bitcoin Cash was in a range bound move below the 12-day EMA and the 26-day EMA. The BCH had been on a downward correction. On June 27, the bulls were resisted at the $480 price level. The first downward correction was below the EMAs at the $411 price level.
The coin continues its range bound move below the EMAs and the bears took the price to the low of $309 support level. The support level has been holding since yesterday`. This was the previous resistance level of April 8. On the upside, the crypto’s price will rise and test or break the trend line. A trend line has been drawn to determine the duration of the bearish trend.
A bearish trend is ongoing if the trend line is unbroken. A bearish trend is said to be terminated if price breaks the trend line and another candlestick closes on the opposite of it. Meanwhile, the BCH market is in the oversold region of the daily stochastic but above the 20% range. This indicates that price is in a bullish momentum and buy signal.
BCH/USD Short-term Trend: Bullish
On the 1-hour chart, the price of BCH is in a bullish trend. The 12-day EMA and the 26-day EMA are sloping southwardly indicating that price is falling. The crypto’s price fell to the $270 support level and commenced a bullish move above the EMAs. Meanwhile, the BCH market is in the overbought region of the daily stochastic but above the 80% range. This indicates that price is in a bullish momentum and buy signal.
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