BCH Price Analysis – July 28
Bitcoin Cash (BCH) has been sliding down after hitting $325.50. The coin is driven by the bearish sentiments that dominate the market.
Supply levels: $380, $390, $400
Demand levels: $238, $228, $218
The BCH/USD peaked at $325 on July 27 and has been falling since. Not staying above $310 ruins the short-term technical picture of the coin. BCH will soon have to regain this ground to mitigate immediate downward pressure. The closest support expects the coin at $280, which is the July 14th low. Once it is eliminated, the downside could grow, with the next goal supporting $238, $228 and $218 levels.
However, the price of the BCH is trading at $304.34 and still evolving under the 50-day MA, but on the upside, a sustained move above $325 psychological will ease the initial downside pressure and create momentum for the up with the next focus to move the market to the resistance levels of $380, $390 and $400 above the upper line of the Bollinger Band. RSI (14) is currently at level 40, indicating a sideways market.
Comparing with Bitcoin, when looking at the daily chart, following the trade for the past 4-days, the bulls have shown a little commitment to BCH trading. Following the recent positive sign, the trend will continue to go up if the buyers can sustain the pressure further.
However, if the buyers succeeded in breaking the upper side of the channel, the market price may likely touch the next supply level of 0.037BTC and 0.040BTC. In other words, a retest could lower the price to 0.022BTC and 0.019BTC demand levels. With the look of things, the marketing is ranging as RSI (14) moves above level 40.
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