- Bitcoin Cash refreshes $225 support as the cryptocurrency market bears flip on the bulls.
- BCH/USD is already oversold; the RSI could soon signal a trend reversal towards $240.
Bitcoin Cash followed in the footsteps of Bitcoin and other major cryptocurrencies. The price is down 4% on the day after opening the day at $237. BCH/USD teeters at $228 while extending the bearish leg below the descending channel. The price is also below the moving averages; both the 50 SMA and the 200 SMA are likely to stand in the way of upward movement at $246.59 and $242.68 respectively.
Looking at the technical picture, Bitcoin cash is primed to continue with the downward trend in the near term. The RSI has sunk deeper into the oversold region. While the drop is bearish, Bitcoin Cash is already oversold. Therefore, we can expect consolidation to take effect if not a significant recovery above $230.
The same downward trend is emphasized by the MACD. The indicator has been stuck in the negative region since June 11. Traders have to watch for a change in the trend of the indicators; MACD and RSI as it will signal the beginning of a bullish reversal. For now, the main task is to keep the price above $225 (initial support). If push comes shove and BCH extends the bearish leg; more support is anticipated at $220, $215, and $200.
BCH/USD 4-hour chart
 (21)-637278045042018678.png)
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin price reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum price holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple price coils up for a move north as XRP bulls defend $0.5000.
Jack Dorsey's Block is under investigation by US Prosecutors for crypto lapses, says NBC
According to a report from NBC on Wednesday, former Twitter CEO Jack Dorsey's company, Block, is under investigation by the US federal government. The allegations against the company are charges of processing transactions linked to sanctioned countries and even terrorists.
Ethereum attempts comeback after Fed decision not to tamper with rates
Institutional whales appear to be dumping Ethereum after recent dip. Fed’s decision to leave rates unchanged appears to have helped ETH's price recover slightly. SEC Chair Gensler has misled Congress, considering recent revelations from Consensys suit, says Congressman McHenry.
Solana price dumps 21% on week as round three of FTX estate sale of SOL commences
Solana (SOL) price is down almost 5% in the past 24 hours and over 20% in the last seven days. The dump comes as the broader crypto market contracts with Bitcoin price leading the pack as it slides below the $58,000 threshold to test the Bull Market Support Band Indicator.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.