Bitcoin Cash (BCH) Price Analysis – May 25
In the last 24-hours of trading, the sellers have assumed control of the market after opening a short position. Afterward, the BCH markets have been looking for the nearest support to land price. Meanwhile, the buyers are waiting for the selling exhaustion initiate entry. For now, the cryptocurrency is actually running a short-term retracement.
Resistance levels: $440, $475
Support levels: $375, $350
In late April, Bitcoin Cash market started to rise after a long decline which floored at $230 before the current bullish momentum plays out. Currently, the coin is approaching the base of the rising trend line which has been supporting the market since the bulls assume control of the market.
The positive move was clearly revealed on the 4-hours MACD as the trend now lies at the horizon of the zero level, revealing that the BCH trading is indecisive as the moment. An upward move is likely to hit the $440 and $475 if the $420 breaks up significantly.
If the market breaks low after testing the rising line at $380, we can expect support at the $375 and the $350. However, the RSI trend revealed BCH on a side-way
After surging from the 0.43BTC level, BCH has been trading in a rising channel for over two weeks now. As revealed in the chart, the market has been following a bullish scenario. But currently, the sellers have gained control of the market as the attempt to break-down the channel.
If the bears succeed on the price break, we can expect the market to bottom at 0.048BTC and 0.046BTC supports. However, a rebound could walk the bulls up to the 0.052BTC and 0.054BTC, where the upper wedge lies. If the scenario fails to occur, the market will continue to respect the trend line.
Significantly, the MACD indicates that the BCH market is positive, now signaling a potential break-down. Currently, the RSI is revealed bearish, shooting at the oversold level.
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