Bitcoin Cash price analysis: bearish below $280
09:35, 28 August 2020
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.
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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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.
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.
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