BCH/USD technical analysis: Bitcoin Cash continued to fall as the other majors consolidated
- Bitcoin Cash fell another 9% or so today as the other majors consolidate.
- BCH/USD is nearing the psychological 200.00 level as volume gathers.
On June 25th the price of BTC/USD hit a high of 517.75 and since then the price has fallen to 223.00 today.
Today even after the price fell soo far yesterday the bears were not finished.
A key trendline marked on the chart was broken. Now there is a zone of support marked by the rectangle.
The main low on the chart is a considerable distance away at 73.22. There are no signs at the moment that sentiment is that bearish.
Now we are in a consecutive period of lower lows and lower highs a retracement could take price back to the mean value area above marked by the volume profile just around 300.
If the next lower high forms there it would be acceptable to presume price might trend lower again. For now, the 200.00 level is in focus so let's see what happens there.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
