• Bitcoin cash trades over 5% lower as crypto sentiment remains weak.
  • The bottom of the consolidation has been taken out and now the price seems to be targeting lower levels.

BCH/USD 30-minute chart

Bitcoin Cash has one of the most bearish intraday structures. The consolidation low of 252.33 has just been broken which could indicate more bearishness to come. On the higher timeframes, the trend is still very bearish. This means trying to catch an area to buy is very difficult rather like trying to catch a falling knife.

Looking at the chart below now, the consolidation period lasted some time. Now the lows have been taken out we need to wait to see if it is a false break or a bearish confirmation. What is interesting is the fact that the volume is still increasing as the price moves lower. This suggests the market is backing the move down. One thing the bears will need as confirmation is a strong close below the consolidation low. 

Looking ahead now there is often a move back into the area to test if this is in fact a real more or a false breakout. It must be pointed out that 250.00 is a big psychological area and bid could be lying in wait at that zone. A break and close below 250.00 with volume confirmation is now key.

Bitcoin Cash price analysis targets

Additional levels

BCH/USD

Overview
Today last price 255.061
Today Daily Change -16.7513
Today Daily Change % -6.16
Today daily open 271.8123
 
Trends
Daily SMA20 333.1115
Daily SMA50 374.213
Daily SMA100 302.5391
Daily SMA200 282.1773
 
Levels
Previous Daily High 278.5558
Previous Daily Low 263.1736
Previous Weekly High 353.0056
Previous Weekly Low 303.969
Previous Monthly High 496.9345
Previous Monthly Low 299.0373
Daily Fibonacci 38.2% 269.0496
Daily Fibonacci 61.8% 272.6798
Daily Pivot Point S1 263.8053
Daily Pivot Point S2 255.7984
Daily Pivot Point S3 248.4231
Daily Pivot Point R1 279.1875
Daily Pivot Point R2 286.5628
Daily Pivot Point R3 294.5697

 

 

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