Bitcoin Cash price analysis: range low holds
12:24, 18 June 2020
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.
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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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.
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.
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