According to the latest Bitcoin Cash Price Analysis, Bitcoin cash has significantly retracted under its key two hundred-day moving average. This happened following a fugitive recovery towards the level of $245. This analysis is a pointer that bulls should rally the price to be higher than the conventional $245 level in order to recourse the recent trend, or in other terms, to kindle the current reversal pattern. Of note is that Bitcoin cash continues to consolidate the latter level of resistance as it rejuvenates before making a major move.
Bitcoin Cash has notably shrunk back and is headed towards the extreme end of its medium-term trading range. This is as a result of a technical turn down from the $245 level. The cryptocurrency is currently technically bearish. Nevertheless, the downtrend remains quite weak. The analysis also indicates that bulls have to work hard to sustain the BCH/USD pair significantly higher than the$205 level to keep a $75 sell-off at bay. The daily time frame explicitly indicates that the pair has stuck between the $205 to $280 price range as from April this year. Well, it is likely that the BCH/USD pair will create a fresh medium-term trend once the price range is broken
Bitcoin Cash Price Analysis indicates that this cryptocurrency only has a bullish short-term bias whereas the price consistently trades above the $245 level. The 4-hour time frame shows a clear bullish reversal pattern has come in place following the fresh reversal pattern created after the new reversal from the $205 level.
It is important to put into consideration the fact that the BCH/USD pair is likely to trail back to the peak of its3-month trading range; which stands at around the$280 level. Be on the lookout for an immense technical breakout in the occurrence that the price shoots beyond the extreme top of the pattern at around the $245 mark. A breakout above the latter will be an indicator of continuation to the upside with $269 and $284 as the potential targets. Nevertheless, an input of volume is definitely required in Bitcoin Cash’s case in relation to trades seemingly drying up across exchanges.
In the case that bulls run short of steam, Bitcoin Cash spring into bearish control, with a sink beneath $200 most likely. The direction of the Bitcoin has an upper hand in the forthcoming price action. Well, Bitcoin is starting to pick up quite well, however, the biggest threat remains the scare of Bitcoin mines drying up and consequently, the impending crypto bull market.
