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Bitcoin Cash price analysis: bearish below $280

By Nathan Batchelor

09:35, 28 August 2020

Bitcoin Cash price analysis

Bitcoin Cash is starting to breakout to the downside, as the cryptocurrency weakens below the $280 level.

Bitcoin Cash price analysis shows that the cryptocurrency is at risk of falling back towards the $200 level.

Bitcoin Cash medium-term price trend

Bitcoin Cash has started to trade back under its 200-day moving average, as the cryptocurrency turns technically bearish for the first-time this month.

Bitcoin Cash technical analysis shows that the cryptocurrency is starting to move back into a horizontal price channel.

The daily time frame shows that the BCH/USD pair is now trading back inside a horizontal price channel between the $200 and $280 level.

Bitcoin Cash medium-term price trend

Technical analysis shows that a false breakout from the horizontal price channel took place earlier this month.

Failure to rally the price back above the $280 level could cause the BCH/USD pair to fall back towards the bottom of the horizontal channel, around the $200 level. 

Traders that are bullish towards the BCH/USD pair may attempt to buy the pair around the $200 area, in expectation of a recovery back towards the $280 level.

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ADA/USD

0.87 Price
+7.580% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00646

BTC/USD

98,878.55 Price
+4.750% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

ETH/USD

3,366.24 Price
+9.430% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

XRP/USD

1.38 Price
+25.370% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Bitcoin Cash short-term price trend

Bitcoin Cash technical analysis shows that the cryptocurrency only has a short-term bearish bias while the price trades above $290.

The four-hour time frame shows that a bearish breakout from a symmetrical triangle pattern is currently underway.

Bitcoin Cash short-term price trend

Technical analysis shows that the triangle pattern is currently located between the $280 and $325 levels.

According to the size of the triangle breakout, Bitcoin Cash could fall towards the $245 level area over the short term.

Traders should note that weakness in the Bitcoin and the broader cryptocurrency market could accelerate the ongoing drop in the BCH/USD pair.

Bitcoin Cash technical summary

Bitcoin Cash technical analysis shows that the cryptocurrency has fallen back inside a horizontal price channel, between the $280 and $200 levels.

Markets in this article

BCH/USD
Bitcoin Cash / USD
495.00 USD
52.35 +11.850%

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