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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.

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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

Gold

2,683.92 Price
+1.360% 1D Chg, %
Long position overnight fee -0.0175%
Short position overnight fee 0.0093%
Overnight fee time 22:00 (UTC)
Spread 0.30

US100

20,702.30 Price
+0.300% 1D Chg, %
Long position overnight fee -0.0241%
Short position overnight fee 0.0019%
Overnight fee time 22:00 (UTC)
Spread 1.8

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

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.

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