CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Bitcoin Cash price analysis: only bullish above $245

By Nathan Batchelor

12:17, 17 July 2020

Bitcoin Cash price analysis

Bitcoin Cash has moved back under its key 200-day moving average, following a short-lived recovery towards the $245 level.

Bitcoin Cash price analysis shows that bulls need to rally the price above the $245 level to ignite a recently formed bullish reversal pattern.

Bitcoin Cash medium-term price trend

Bitcoin Cash has slipped back towards the lower end of its medium-term trading range, following a technical rejection from the $245 level.

The cryptocurrency has now turned technically bearish, although the downtrend remains weak.

Bitcoin Cash technical analysis shows that bulls need to keep the BCH/USD pair above the $205 level to avoid a $75 sell-off.

Bitcoin Cash technical analysis

The daily time frame shows that the BCH/USD pair has been trapped between the $205 to $280 price range since April this year.

Once the mentioned price range is broken, the BCH/USD pair is likely to form a new medium-term trend.

What is your sentiment on EA?

159.08
Bullish
or
Bearish
Vote to see Traders sentiment!

Oil - Crude

70.13 Price
-2.520% 1D Chg, %
Long position overnight fee 0.0085%
Short position overnight fee -0.0304%
Overnight fee time 22:00 (UTC)
Spread 0.030

XRP/USD

0.56 Price
-0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Gold

2,689.81 Price
-0.770% 1D Chg, %
Long position overnight fee -0.0178%
Short position overnight fee 0.0095%
Overnight fee time 22:00 (UTC)
Spread 0.30

BTC/USD

76,528.00 Price
-0.070% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Bitcoin Cash short-term price trend

Bitcoin Cash technical analysis shows that the cryptocurrency only has a bullish short-term bias while the price trades above $245.

The four-hour time frame shows that a bullish reversal pattern has formed, following the recent reversal from the $205 level. 

Bitcoin Cash technical analysis

According to the size of the inverted head-and-shoulders pattern, the BCH/USD pair could rally back towards the top of its three-month trading range, around the $280 level.

Watch out for a powerful technical breakout if price moves above the neckline of the pattern, around the $245 level. 

Bitcoin Cash technical summary

Bitcoin Cash technical analysis shows that the cryptocurrency needs to move above the $245 level to activate a bullish reversal pattern.

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading