BCH Price Analysis – June 5
During the last three trading days, sellers took control of the market after opening a short position. Subsequently, BCH markets sought the closest support to land price.
Supply levels: $550, $600, $650
Demand levels: $250, $200, $150
The BCH/USD is currently in a downward spiral and has gone from $401.70 to $394 yesterday morning (Tuesday), reaching a minimum of $382.6. The last Monday was also extremely bearish for the Bitcoin species, the price rose from $441.50 to $401.25, a little over 9%.
However, a minimum swing could reach the $250 level of demand. Exceeding this level could reduce the bear to $200 and $150, crossing the Ichimoku cloud. A high swing could also bring the bulls to a key supply level of $550. Above the mentioned price, it can possibly trigger a bullish rally. The price is still above the 50-day moving average in which the RSI indicator in the daily period is currently neutral.
Against Bitcoin, the market has been evolving for a while in a very different way. But currently, sellers and buyers are trying to decide who will control the market while trying to break or interrupt the channel and at the same time crossing the Ichimoku cloud.
However, if the bearers succeed in the broken price, one would expect the market to fall to 0.040BTC and 0.037BTC. Meanwhile, a rebound could increase the bulls by 0.060BTC and 0.063BTC, where the channel is. If the scenario is not done, the market will continue to respect the trend line.
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