Bitcoin Cash Consolidates Around $300 After Having a Week Full of Downward Trend

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  • BCH/USD trades above $300 after having a dull time since August 28, 2019 when the whole market almost crashed.
  • Bitcoin Cash has is currently trading above its key resistance in the price range of bullish crossover.
  • The hourly breakdown of the chart shows that BCH even went as low as $285 in the past 24 hours.

Bitcoin Cash price resonating the movement of Bitcoin just breached the key resistance at $300 after opening at $301 and giving a high price at $301.98 on September 4, 2019. BCH/USD had this bullish start since past 2 days but could not really sustain and again fell below $290. However, the coin has not performed below $280 since past 5 days now.

BCH to USD Price Chart by TradingView:

Bitcoin Cash (BCH) Price
BCH Price Chart by TradingView

If observed closely, Bitcoin Cash had a gentle downward stride from $294.6 to $285.9 marking a fall of 2.95%. Although, around the same hour the coin again picked up the pace to trade above $300 by 5.63% and currently trades at $302 at 11:12 UTC as per the data feed from Kraken.

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Important to note that Bitcoin Cash price today started with a bull trend with just one breakout around 06:00 UTC, today. The current elongated candle formation points out to have a bullish stride for the rest of the trading day, with almost negligible probability of a downward breakout. However, $295 severs as the major support level.

BCH Technical Indicators:

The coin still trades with a slight selling pressure as BCH price broke after having breached $300 once in the past 2 days.

The current trading price gets a major support from the 10-day EMA ($295.14) and is notably above by 2.37%. Further, Bitcoin Cash price is also higher by 4.39% from 10-day SMA ($289.28) while 3.45% less from 50-day SMA ($312.81).

The MACD of the coin just had a bullish crossover, gaining momentum above zero and RSI remains inclined towards the overbought range i.e., 70, at the time of penning down.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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