Bitcoin Cash price analysis: bulls struggle near the vital round level of $200, with the hidden bearish pattern 

  • The bitcoin cash coin price is trading below a declining trend line in the context of the hourly price chart.
  • Important EMAs such as 20, 50, 100 and 200 are well above the live price of BCH on the daily price chart.
  • The BCH coin belonging to the bitcoin pair is trading at 0.006548 Satoshis, up a little over 1.8%.

Investors are attempting to avert a sell-off after the wider market plummeted to $1.2 trillion in the previous week. However, they will need to invest significantly in order to permanently change the larger view in their side.

4-hours price chart

The Bitcoin Cash coin’s price behavior on the hourly price chart shows a lower-low shape. For several days, the bears have been selling the cryptocurrency bears downsloping trendline (white) with the downtrend.

BCH is looking inside the long leg Doji candle of May 12. At the same time, at the time of writing, the altcoin was trading at the $191 mark. Thus, the market cap was seen at $3.6 billion, down 1.1% in the last 24 hours as per the CMC. Similarly, the BCH coin belonging to the bitcoin pair is trading a little over 1.8% at 0.006548 Satoshis.

BCH price may see the monthly low again 

Apart from the short-term bullish barrier, the bears also have a descending trend line which is valid from the beginning of April. Similarly, the 20 EMA was a red zone of volatility and nowadays bears are dominating the altcoin trend below it for the past several days.

The RSI indicator shows the recovery of Bitcoin Cash coin after dipping into the oversold zone. But the price action is not following the bullish signal of the RSI.

Thus, the ADX also shows strength in the price action of BCH coin, hence the bears are getting aggressive.

Conclusion

As soon as the bulls need to break this short term bearish trend; Otherwise, the bulls may see more fearful selloff below the $150 mark.

Technical Levels

Support level – $180 and $150

Resistance level – $280 and $360

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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