Conclusion for today’s Bitcoin cash analysis:
Lack of a price close above ~317 that is followed by a break below 247 is bearish for Bitcoin Cash.
A log scale of BitcoinCash is presented using Japanese candlesticks on the Daily timeframe. The major bullish trend in the cryptocurrency that lasted over 8 months is highlighed on the chart. A break below the bullish trenline is bearish
The slope of the 200 Day moving average of BitcoinCash changing from a rising to zero slope also supports the notion that prices are perhaps going to resume further movement to the downside.
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The 200 day moving average currently coincides with the 324 price level and suggests that the the latest bullish price swing from October 23, 2019 might run into resistance at the aforementioned price level.
382 to 356.88 also present an immediate resistance zone above the 200 Day moving average so that any price movement above the moving average can be expected to stall in the resistance zone, even if temporarily.
A break above the upper boundary of resistance at 382 improves the chances of having bullish momentum sustained. On the other hand, lack of a break above the 200 Day moving average that is followed by price closing below 247 is bearish for BitcoinCash.
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Our previous Bitcoin technical analysis before the current price rally was also posted for FREE and can be found here.