Bitcoin Cash price analysis: only bullish above $245
12:17, 17 July 2020
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.
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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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.
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.