Bitcoin Cash vs Bitcoin Price Analysis: Lower targets seem to be on the horizon
- Bitcoin Cash trades 0.83% lower against Bitcoin on Tuesday.
- The pair looks like it could be heading lower toward another major support.
BCH/BCH daily chart
Bitcoin Cash is struggling against its big brother as you can see from the chart below. The price looks like its heading toward the 0.300 support zone close to the previous wave support zone. The main support level on the chart is the red support level at the bottom of the chart near 0.0260. The price has bounced off the level 4 times already and any break to the level could spell trouble for bitcoin cash.
The relative strength index indicator looks pretty depressed at the moment too. In addition to this, the price is also trading under the 55 and 200 moving averages. Incidentally, the two moving averages look like they are preparing for a bearish cross. It also seem when the price gets too low the bulls comeout in full force as you can see from the volume spikes at the bottom of the chart.
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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.
