- Bitcoin Cash cancels gains after bullish momentum dies off at $100.
- The MACD is stuck below 0.01. although current levels are higher than those on Thursday.
Bitcoin Cash continues to test the levels towards $90.00 following the failure to stay above $100. The asset was recently added to Gemini exchange but the support did little to change the current downward spiral trend. There was correction above the 15-minutes moving average during the trading yesterday where Bitcoin Cash stepped above $99.00. However, the buyers lacked a catalyst to sustain the price above $100.
At press time, Bitcoin Cash price is trading at $94.2 and it has corrected below the 50 SMA. On the upside the 100 SMA is hindering growth at $95.8. A little above this level, Bitcoin Cash is limited below the trendline resistance.
The MACD on the same chart, has been unable to cross into the positive. However, the current levels are much higher in comparison to those seen during the Asian trading hours today. The trend at the moment is to the south, with the path of least resistance being to the downside. A correction above $96.00 (immediate resistance) will open the road for growth above $98 and eventual we can see BCH/USD reclaim its position above $100.
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