BCH/USD technical analysis: Bitcoin Cash has come back to test the consolidation area
|- Bitcoin Cash is trading 0.40% higher today even as BTC/USD struggles.
- The price broke a key trendline yesterday on the hourly chart and has now come back to test it.
The BCH/USD price has come back to the hourly pivot zone of around 223.50 as traders struggle to identify any real direction.
There was a bearish trendline break yesterday on the hourly chart but price has come back to retest the diagonal line for the second time.
The blue rectangle in the middle of the chart represents the value area formed as most volume has been traded at this price area.
If the price breaks 226.00 to the upside it could indicate that the short term trend has broken higher again.
The relative strength index (RSI) indicator has moved back over the 50 mid-line again but it has been in limbo for quite some time now as volatility seems to have dropped.
Look out for the retest of the trendline once again and then we could have a better idea of where price may be heading.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.