Bitcoin Cash price analysis: Upside momentum fizzles out short of $100
|- Bitcoin Cash cancels gains after bullish momentum dies off at $100.
- The MACD is stuck below 0.01. although current levels are higher than those on Thursday.
Bitcoin Cash continues to test the levels towards $90.00 following the failure to stay above $100. The asset was recently added to Gemini exchange but the support did little to change the current downward spiral trend. There was correction above the 15-minutes moving average during the trading yesterday where Bitcoin Cash stepped above $99.00. However, the buyers lacked a catalyst to sustain the price above $100.
At press time, Bitcoin Cash price is trading at $94.2 and it has corrected below the 50 SMA. On the upside the 100 SMA is hindering growth at $95.8. A little above this level, Bitcoin Cash is limited below the trendline resistance.
The MACD on the same chart, has been unable to cross into the positive. However, the current levels are much higher in comparison to those seen during the Asian trading hours today. The trend at the moment is to the south, with the path of least resistance being to the downside. A correction above $96.00 (immediate resistance) will open the road for growth above $98 and eventual we can see BCH/USD reclaim its position above $100.
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.