By the end of December 2018, the price of Bitcoin Cash (BCH) was trading near ₿0.025. A rapid upward move ensued shortly after. By the end of the year, the price had more than doubled in value to ₿0.0550.
BCH: Trends and Highlights for June 2
- BCH/BTC is following an ascending support line.
- Short-term moving averages are bearish.
- Long-term moving averages are bullish.
- There is strong support near ₿0.030 and $0.035.
- There is resistance near ₿0.040.
Ascending Support
The price of BCH/BTC on Bittrex is analyzed at daily intervals from Dec 2018 to July 2019 in order to trace the current pattern.
The price has been increasing since February 2019, when it reached lows close to ₿0.032.
Since then, it has been following the ascending support line outlined below:
Several bearish crosses have occurred in the short-term, most of them occurring at the end of June.
However, a bullish cross between the long term moving averages of 100- and 200-periods has also occurred.
This could be a sign that a long-term uptrend has begun. In that case, the current decrease would be a short-term movement inside a longer uptrend.
A look at the short-term trading pattern gives a brighter outlook.
However, it was successful in doing so on July 1st. This movement was preceded by bullish divergence in both the RSI and the MACD.
BCH found resistance near ₿0.040, an area which previously acted as support and began a small decrease.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. Images are courtesy of Shutterstock, TradingView.
Short-Term
The price has been struggling to break out above the resistance line at ₿0.038 and has been doing so since June 26.
However, it was successful in doing so on July 1st. This movement was preceded by bullish divergence in both the RSI and the MACD.
BCH found resistance near ₿0.040, an area which previously acted as support and began a small decrease.
Summary
The Bitcoin Cash price has been following an ascending support line for more than a year. The price is currently right on this support line. While the ascending support line may fail to provide enough support to the price, the ₿0.030 – ₿0.035 support level should do so, since it has provided strong support since the beginning of 2019. Furthermore, the short-term bullish divergence that has developed does not seem sufficient in initiating an upward move. While a short-term upward move has already begun, we believe that more consolidation is required before a long-term uptrend begins. The movement of the long-term moving averages and significant support area makes us believe that an uptrend will soon begin. What do you think of the Bitcoin Cash price against Bitcoin? Let us know your thoughts in the comments below!Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. Images are courtesy of Shutterstock, TradingView.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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