Bitcoin Cash Price Analysis: The daily chart is showing a tough consolidation pattern
- Bitcoin Cash is trading 1.66% lower as crypto sentiment remains weak.
- The move lower is not too convincing and a break of the 220.00 would confirm the break.
BCH/USD daily chart
Bitcoin Cash has been trading in line with the other crypto majors on Thursday and moved around 1.66% lower. The price chart has shown the market is in a full consolidation zone between 280.00 and 200.00. There are some bearish signs but it could move either way at the moment and a break could tell us lots about the future path of the pair.
Within the consolidation zone, the market had been making higher lows and lower highs. This, of course, brings us a triangle pattern. Once again a break would help us lookout for the initial targets of the consolidation floor and ceiling levels but then a wider break past the two aforementioned levels is important.
Looking at the indicators, they are both on the bearish side. The Relative Strength Index is under the mid-point and tilting lower. The MACD histogram is red and the signal lines are also breaking the mid-point. At the moment it is looking more bearish than bullish just wait for the break to confirm.
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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.
