Bitcoin Cash Analysis: Bears Have Come to Crash The Party!
Conclusion for today's Bitcoin Cash analysis: A close below ~264.21 implies lower prices in Bitcoin Cash.
Bitcoin cash analysis for today is carried out using a log scale on the Daily timeframe. Chart inspection and analysis primarily focuses on the uptrend in Bitcoin cash since price reached a bottom of 73.50 on December 15, 2018. A bullish trendline is plotted to highlight bullish momentum that followed the December price low, as well as the 200 moving average and 50 moving average to present the trading bias favored in this Bitcoin Cash analysis.
Price reached a peak of 483.77 on June 25, 2019, followed by a sell off and consolidation. The 50 Day moving average successfully crossed below the 200 moving average, implying a bearish bias in Bitcoin Cash.
Also adding to the bearish analysis is a break below the bullish trendline that has lasted over 8 months. 264.21 is marked as a key price level to watch in Bitcoin cash as a close below would add to the two previous evidences for more downside.
A close above ~335.12 would be required to relief Bitcoin Cash for further pressure to the downside.
Bitcoin cash analysis for today is carried out using a log scale on the Daily timeframe. Chart inspection and analysis primarily focuses on the uptrend in Bitcoin cash since price reached a bottom of 73.50 on December 15, 2018. A bullish trendline is plotted to highlight bullish momentum that followed the December price low, as well as the 200 moving average and 50 moving average to present the trading bias favored in this Bitcoin Cash analysis.
Price reached a peak of 483.77 on June 25, 2019, followed by a sell off and consolidation. The 50 Day moving average successfully crossed below the 200 moving average, implying a bearish bias in Bitcoin Cash.
Also adding to the bearish analysis is a break below the bullish trendline that has lasted over 8 months. 264.21 is marked as a key price level to watch in Bitcoin cash as a close below would add to the two previous evidences for more downside.
A close above ~335.12 would be required to relief Bitcoin Cash for further pressure to the downside.
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