Bullish breakout from Falling Wedge pattern could signal trend reversal. Price also broke above $400 resistance and 200-day moving average, and price could revisit $530 resistance for a +20% gain. Stop Loss at $387
For on-demand analysis of any cryptocurrency, join our Telegram channel.
Bitcoin Cash Price Analysis
- Price: $395.07
- Market Capitalization: $7.8 billion
- 24-hour Trading Volume: $354.6 million
- Circulating Supply: 19.7 million BCH
Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it’s advance. Following a resistance breakout, the next closest resistance zone becomes a price target.
Weekly Price Analysis
Over the past week, Bitcoin Cash has experienced fluctuations influenced by broader market trends and specific events such as the Mt. Gox creditors’ asset distribution. The BCH price briefly dipped below the $400 mark but has shown resilience by recovering to its current level.
- High: $412.50
- Low: $385.20
- Weekly Change: -2.1%
- Trend: Short-term trend is Down, Medium-term trend is Neutral and Long-term trend is Strong Down.
- Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
- Support and Resistance: Nearest Support Zone is $350.00, then $300.00. Nearest Resistance Zone is $530.00.
Technical Indicators
- RSI (Relative Strength Index): 52.39.
- Moving Averages: The 50-day moving average has crossed below the 200-day moving average. However, BCH is trading above both averages, maintaining a neutral trend.
- MACD (Moving Average Convergence Divergence): The MACD is showing bearish momentum on the weekly timeframe.
News Roundup
- Mt. Gox Asset Distribution: The distribution of Bitcoin and Bitcoin Cash assets to Mt. Gox creditors has impacted the market, causing brief price declines.
- Social Interest Spike: Bitcoin Cash saw a surge in social media interest.
- Technical Analysis Predictions: Analysts predict a potential breakout for BCH, with a forecasted target of $515 if it can maintain support above the $400 resistance level.
Market Sentiment
The sentiment around Bitcoin Cash remains mixed, with some traders anticipating a bullish breakout while others remain cautious due to the recent market turbulence.
For on-demand analysis of any cryptocurrency, join our Telegram channel.
