Should the bears maintain or increase their pressure, the support zone of $501 will be broken and expose the support zone of $410 for Bitcoin Cash price to find its low.
Key Highlights:
- Bears took over the Bitcoin Cash market;
- there is a probability of a further decrease in BCH price;
- price pullback is inevitable.
BCH/USD Price Long-term Trend: Bearish
Resistance zone: $568, $655, $788
Support zone: $501, $410, $310
The formation of bearish pin bar candle formed on the support level of $501 (directly rest on the dynamic support and resistance of 21-day EMA and 50-day EMA) is an evidence to the bears’ strong pressure. Should the bears maintain or increase their pressure, the support zone of $501 will be broken and expose the support zone of $410 for BCH price to find its low. In case the support zone of $501 holds the price will bounce up and the bulls may take over the market for the BCH price to rally to the north and may find its high at the resistance zone of $655.
BCH/USD is directly on the 21-day EMA and 50-day EMA. Meanwhile, RSI period 14 is at the 50 levels and its signal line about turning to the north indicates a buy signal, which may be a pullback.
BCH/USD Price Medium-term Trend: Bearish
BCH price is below the 21-day EMA and 50-day EMA which is an indication of a bearish trend. The RSI period 14 is above 40 levels and its signal line points toward north connote buy signal which may be a pullback.
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