- BCH/USD corrections above $400 have been met with bear pressure from the bear army.
- Bitcoin Cash lacks a catalyst to support formidable gains.
Bitcoin Cash struggling to hold on to $390 following another rejection from $400. Since the declines from May highs at $481, BCH/USD has not been able to recover above $420. Besides, the price has stayed below $400 since the first week of June. Any corrections above $400 have been met with bear pressure from the bear army.
Recent declines found support at $360, in turn, giving way for an upside correction. However, the price has been ranging between $360 support and $400 critical level. Bitcoin Cash lacks a catalyst to support formidable gains. Moreover, failure to break $400 is mentally draining the bulls.
The technicals show that Bitcoin Cash is likely to stay in the above-mentioned range. For example, the Relative Strength Index (RSI) is trending horizontally at the 50 average. Over the last seven days, the indicator has avoided sliding into the oversold. A move towards the overbought will raise the bulls’ confidence in BCH/USD ability to break above $400 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) has recovered from the June first week lows but has not been able to cross above the mean line into the oversold. The ranging trend means that Bitcoin Cash path of least resistance remains sideways.
BCH/USD 4-hour chart
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