Bitcoin Cash price analysis: BCH/USD hunting for support; the upside is limited
|- Bitcoin Cash is trading at $389.17 following a 2.15% loss on the day.
- Most technical signals including the RSI and the MACD support the ongoing sideways trading phase.
Bitcoin Cash is calm on Thursday but appears to be searching for credible support that can allow the bulls to focus on recovery in the coming sessions. The declines from the last week of May have forced the fourth largest digital asset to form a lower low pattern. From highs slightly above $475, BCH/USD has touched levels close to $360.
Although a shallow recovery made it above $400, the upside is still limited under the 100 Simple Moving Average (SMA) 4-hour currently at $420.88. Moreover, rising selling pressure has made it hard for the buyers to keep the price above $400.
At press time, Bitcoin Cash is trading at $389.17 following a 2.15% loss on the day. Correction above $400 is needed in the short-term to bring BCH out of the bear zone. In addition to that, the price must reclaim the support above the 100 SMA 4-hour in order to open the way for movement towards $500.
For now, the mundane trading will take center stage which means that traders can expect the price to range between $400 - $375. Besides, most technical signals including the RSI and the MACD support the ongoing sideways trading phase.
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