BCH Price Analysis – August 6
Observing the movement of the BCH, the coin has been showing an uneven movement with several rises and falls.
Resistance levels: $390, $400, $410
Support levels: $260, $250, $240
Since yesterday, BCH seems to be picked up its pace and has risen above $350 today before dropping. However, if we observe the movement of the BCH coin, the coin has been showing an uneven movement with several rises and falls. It has not been able to maintain a consistent bullish run. It may start to show signs of a downward movement slowly from the latter part of the day today.
On the upside, the bulls broke the initial resistance at the $340 price level, and are approaching to retest the $390 and $410 resistance levels. The primary support holds ground at $320 while $300 will try to stop overstretched losses in case of a reversal. The buyers must be aware that Bitcoin Cash dived to lows around $255 in July and therefore the primary supports at $260, $250 and $240 are very important. Meanwhile, MACD is at the positive side and this indicates that the bulls are in control.
Against Bitcoin, for more than seven days, we have seen a quick and steady drop in prices, and the downtrend brought the price to 0.029BTC where the pair is changing hands currently. The bulls have failed to stop the selling pressure and the resistance in this range is at 0.037BTC and support is at 0.023BTC.
However, we believe that Bitcoin Cash may not be able to maintain its current efficiency and may slowly start to move back from downward trends. Should the bears continue to gain control of the market, BCH/BTC may reach its support level at 0.023BTC and below. The stochastic RSI is on it’s way to the oversold zone, which indicates more bearish signals.
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