Conclusion for today’s Bitcoin Cash technical analysis:
The downtrend is expected to continue with 0.02388 as the minimum target if the 0.03095 price level is breached.
Bitcoin Cash Analysis (BCH/BTC) for today is provided using a log scale on the Daily timeframe candlestick chart. The downward trend on the Daily timeframe is highlighted using a bearish trend that has been established over 13 months ago starting back in May of 2018.
Attempts at breaking the trendline to the upside in April, May and June of this year did not see a follow through in price action and rather was followed by a pullback. This implies a resumption of bearish strength.
In addition, a rising wedge (diagonal) is used to track the bullish swing from the 0.02388 price low on December 16, 2018. The aforementioned chart pattern has bearish implications, and this was confirmed by a break below the lower boundary of the wedge on June 16, 2019.
Key level to therefore watch for support in BCH/BTC is 0.03095. Price breaking below implies a retest of the December 16 price low as a minimum expectation.
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Our previous Bitcoin analysis (BTCUSD) before the current price rally was also posted for FREE and can be found here.