Bitcoin Cash price analysis: Motionless amid low trading activity
|- Bitcoin Cash came down crashing from the February highs around $157.
- Technical indicators show that Bitcoin Cash sideways trading is bound to continue.
Low trading activity has been witnessed since the beginning of this week’s trading. Cryptocurrencies kicked of the week on Monday in declines as the stormed calmed down following the declines on Sunday 24. Bitcoin Cash came down crashing from the February highs around $157. The declines were unstoppable at $150 and $140 support zones.
The waterfall dropped tested the support at $125 before the bulls came in to rescue the asset from tumbling further below $120. A correction has been made above $130 but BCH/USD has not been able to clear the resistance towards $140.
At present, the buyers are battling to clear the resistance the 23.6% Fib retracement level with the last swing high of $157.25 and a low of 105.39. Above this, they will come head to head with the hurdle highlighted by the 100-SMA 4-hour chart. The recent resistance level at $135 will limit gains as well. The buyers should brace themselves for a rough ride towards $140 critical level.
Meanwhile, technical indicators show that Bitcoin Cash sideways trading is bound to continue. Looking at the 4-hour chart, the RSI is horizontal at 47.50. While the indicator has corrected from the levels close to 30.00 it very far from the levels achieved last week at $95.00.
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.