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Bitcoin Cash price analysis: range low holds

By Nathan Batchelor

12:24, 18 June 2020

Bitcoin Cash price analysis

Bitcoin Cash is starting to consolidate towards the lower end of its short-term trading range after sellers failed to breach major technical support earlier this week.

Bitcoin Cash price analysis shows that continued stabilisation above the $220.00 level could see the BCH/USD pair rallying back towards the $280.00 level.

Bitcoin Cash medium-term price trend

Bitcoin Cash is attempting to recover towards the $240.00 level, after bears failed to breach major medium-term technical support earlier this week.

Due to its highest correlation with the BTC/USD pair, the BCH/USD pair could start to move towards the $280.00 area if Bitcoin moves back towards the $10,000 level.

Bitcoin Cash technical analysis shows that the $260.00 level currently offers the strongest form of near-term technical resistance.

Bitcoin Cash technical analysis

A break above the BCH/USD pair’s 200-day moving average, around the $260.00 level, could prompt a rally towards the $280.00 area.

Major long-term trendline resistance is located around the $320.00 area, and remains a likely medium-term upside target.

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XRP/USD

1.40 Price
+17.100% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

US100

20,709.90 Price
+0.020% 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

99,132.35 Price
+1.060% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Gold

2,686.59 Price
+0.660% 1D Chg, %
Long position overnight fee -0.0174%
Short position overnight fee 0.0092%
Overnight fee time 22:00 (UTC)
Spread 0.30

Bitcoin Cash short-term price trend

Bitcoin Cash technical analysis shows that the cryptocurrency has a bearish short-term bias while the price trades below the $240.00 level.

The four-hour time frame continues to highlight that the BCH/USD pair remains trapped within a horizontal price channel.

Bitcoin Cash technical analysis

Bears recently failed to move the price below the bottom of the horizontal price channel, around the $220.00 level.

The horizontal price channel is currently located between the $220.00 and $280.00 levels.

Once the BCH/USD pair breaks from the horizontal price channel, then a $60.00 directional move is likely to take place.

 Bitcoin Cash technical summary

Bitcoin Cash technical analysis indicates that failure to move the price under the $220.00 level may result in a recovery back towards the top of a horizontal price channel, around the $280.00 level.

 

Markets in this article

BCH/USD
Bitcoin Cash / USD
499.40 USD
19.2 +4.010%

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