Bitcoin Cash Price Analysis: BCH stalls ahead of key trendline
- Bitcoin Cash trades nearly 6% higher on Wednesday as crypto sentiment turns positive.
- The price has found some selling pressure ahead of a key downtrend line.
BCH/USD 4-hour chart
Bitcoin Cash has been moving higher on Wednesday and trades around 6% higher on the session. The price has now halted as you can see on the chart below just ahead of the black downward sloping trendline. The blue resistance line also held firm and it has been used around 4-5 times on the chart.
Looking closer at the indicators now, there has been a bearish cross of the 55 exponential and 200 simple moving averages. Also, the relative strength index indicator has moved into positive territory but has lots of room left to move to the upside. Lastly, if the price does move lower then the orange support level close to 225.00 could be a place where the bulls step in again.
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Additional levels
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.
