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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.
Bitcoin Cash Price Analysis: The daily chart is showing a tough consolidation pattern
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

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. 

Bitcoin Cash Technical Analysis

Additional levels

BCH/USD

Overview
Today last price236.6414
Today Daily Change-3.4986
Today Daily Change %-1.46 
Today daily open240.14
 
Trends
Daily SMA20246.9671
Daily SMA50244.2131 
Daily SMA100234.5389
Daily SMA200267.9751
 
Levels
Previous Daily High242.9648
Previous Daily Low235.2059
Previous Weekly High258.9512
Previous Weekly Low230.7717
Previous Monthly High277.2914
Previous Monthly Low217.6786
Daily Fibonacci 38.2%240.0009
Daily Fibonacci 61.8%238.1698
Daily Pivot Point S1235.909
Daily Pivot Point S2231.678
Daily Pivot Point S3228.1501
Daily Pivot Point R1243.6679
Daily Pivot Point R2247.1958
Daily Pivot Point R3251.4269

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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