Bitcoin Cash Price Analysis – July 1
The Bitcoin Cash falls below the moving averages as the selling pressure may take over the market.
Resistance levels: $185, $195, $205
Support levels: $45, $35, $25
BCH/USD is slowing down and may settle below the $100 support level. However, the market price breaks down today, touching its lowest daily level at $98.13. In addition, the current performance of Bitcoin Cash is below the normal expectations as the coin may soon recover from this downtrend.
Bitcoin Cash Price Analysis: What Could Be the Next Direction for Bitcoin Cash?
If the Bitcoin Cash price fails to push the price above the 9-day and 21-day moving averages, there is a risk of a fresh bearish wave. However, if the coin drops below the lower boundary of the channel, the initial support may be located at the $90 level where the market price could restart its decline.
As the technical indicator Relative Strength Index (14) reveals the possible downtrend, any movement within the oversold region could lead to critical supports at $45, $35, and $25. Nevertheless, a high swing towards the upper boundary of the channel could take the bulls to a key resistance level of $150. If this is possible, the coin may trigger a bullish rally which could take the market price to $185, $195, and $205 resistance levels.
When compared with Bitcoin, the daily chart reveals that the sellers may continue to show some commitment to the market movement. However, following the recent negative signs, the trend may continue to go down if the bears keep on putting more pressure on the market.
However, as the technical indicator Relative Strength Index (14) moves below the 35-level, if the buyers failed to hold the support of 500 SAT, the market price may focus on the downtrend, and crossing below the lower boundary of the channel may take it to the nearest support at 450 SAT and below but a rebound could take the price above the moving averages, crossing above the upper boundary of the channel could locate the resistance at 600 SAT and above.