- On the upside, if the bulls break above the EMAs, the crypto’s price will rise to retest the overhead resistance.
- However, if the bulls fail to break the EMAs, the market will continue its range bound move.
BCH /USD Medium-term Trend: Bullish
- Resistance Levels: $400, $425, $450
- Support Levels: $375, $350,$325
Yesterday, June 11, the price of Bitcoin Cash was in a bullish trend. From the price action, on May 29, the BCH market reached a high of $457 overhead resistance. The following day the bulls were resisted and the market had a downward correction to the support of the 12-day EMA. On June 3, the bulls were resisted and the price fell below the EMAs.
The crypto’s price is now ranging below the EMAs or above $380 price level. On the upside, if the bulls break above the EMAs, the crypto’s price will rise to retest the overhead resistance. However, if the bulls fail to break the EMAs, the market will continue its range bound move.
From the Fibonacci retracement tool, BCH price fell to the support of the 0.382 Fib. retracement level. The 0.236 and 0.382 Fib. retracement levels are the continuation zones for a trending market. If the bulls defend the 0.382 Fib. retracement level, the market will be in a bullish momentum. 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: Ranging
On the 1-hour chart, the price of BCH is in a sideways trend. The 12-day EMA and the 26-day EMA are horizontally flat indicating a sideways trend. The market has the appearance of small body candlesticks like the Doji and the spinning tops which describe the indecision between the buyers and sellers.
Meanwhile, the BCH market is in the overbought region of the daily stochastic but below the 60% range. Which indicates that price is in a bearish momentum and sell signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Bitcoin Market Price Chart in RealTime