Bitcoin Cash Chart Analysis: Downside appears compelling amid bearish technical set up


  • BCH/USD is back to the red zone, in a familiar range on Sunday.
  • No. 5 coin looks vulnerable amid bearish technical setup.  
  • Hourly RSI pierced 50.00 from above, more losses likely?

Bitcoin Cash (BCH/USD) is seeing aggressive selling over the last hour, after having witnessed a volatile session late Saturday. Holiday-thinned trading conditions across the crypto board triggered a $7 rally in the coin in a matter of 15 minutes. The price hit fresh weekly highs at $229.31, in an unusual spike.  Saturday. The bulls failed to sustain at higher levels, as the bears appear to fight back control in Sunday’s trading so far. The digital asset has returned to the familiar range around $222, down over 1.30% on a daily basis while on track to book 2.20% weekly gain. The market capitalization for BCH/USD stands at $4.12 billion.

BCH/USD: Hourly chart

fxsoriginal

The coin is teasing an ascending triangle on the hourly chart this Sunday, with the pattern target of $213 in sight should the price close the hour below rising trendline support of $221.78.

On its way to the said target, BCH/USD bulls could find support near Thursday low of $217.46. The pair remains vulnerable as the hourly Relative Strength Index (RSI) has pierced the 50 midline from above to now trade in the bearish territory at 42.40.

Also, the fifth most favorite coin has slipped below all the major hourly Simple Moving Averages (HMA).

The minor recoveries should meet fresh supply at $222.80, where a cluster of support-turned-resistance of the 200, 100 and 50-HMAs are stacked up. A breakthrough the latter, the price could confront the 21-HMA barrier at $223.70 on its way to retest the 227 level.  

BCH/USD: Additional levels to consider

BCH/USD

Overview
Today last price 221.9090
Today Daily Change -3.4581
Today Daily Change % -1.53
Today daily open 225.3579
 
Trends
Daily SMA20 229.9215
Daily SMA50 237.7349
Daily SMA100 237.8158
Daily SMA200 269.5838
 
Levels
Previous Daily High 229.3149
Previous Daily Low 220.3154
Previous Weekly High 227.3836
Previous Weekly Low 213.3598
Previous Monthly High 269.2895
Previous Monthly Low 204.6275
Daily Fibonacci 38.2% 225.8771
Daily Fibonacci 61.8% 223.7532
Daily Pivot Point S1 220.6772
Daily Pivot Point S2 215.9966
Daily Pivot Point S3 211.6777
Daily Pivot Point R1 229.6767
Daily Pivot Point R2 233.9956
Daily Pivot Point R3 238.6763

 

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC/USD: Sellers continue to lurk above $11,800, $12K still on cards?

Bitcoin consolidates the rebound on Sunday before the next leg higher. A test of $12K mark remains inevitable amid a potential symmetrical triangle. Upside remains more compelling, in light of a bunch of healthy support levels.

More Bitcoin News

LINK/USD consolidates the 52% surge to record highs of $13.66

Massive short-squeeze sent ChainLink skyrocketing on Saturday. The explosion higher lifted LINK/USD to the sixth most dominant crypto asset. Bulls take a breather after the extensive rally, what’ next?

More Cryptocurrencies News

ETC/USD storms towards $7.20 after symmetrical triangle breakout

The pullback in Ethereum Classic (ETC/USD) from $6.8844 appears to have gathered steam this Sunday, as the coin sees a rapid rise to the intraday highs above $7.15. The coin charts symmetrical triangle breakout on hourly sticks.

More Ethereum Classic News

Top 3 Price Prediction BTC, ETH, XRP: Crypto bears dominate, Ripple breaches $0.29

Ethereum is the main laggard among the top three cryptocurrencies on Sunday. Ripple breaches $0.2900 after rejection just below $0.30. Bitcoin continues to keep its range below the critical barrier at $11,817,

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast

BTC

ETH

XRP