On Apr 15, the price reached a high of $335 and €296. It has been gradually decreasing since, reaching lows of $280 and €253 on Apr 21. After a slight increase, the price began to decrease sharply.
At the time of writing, it was trading below the levels reached on Apr 21.
Will the price of Bitcoin Cash continue falling or is a reversal coming soon?
SponsoredLet’s find out:
Bitcoin Cash (BCH): Trends For April 26, 2019
- BCH/USD and BCH/EUR reached a high on Apr 15.
- Bitcoin Cash is trading inside a descending channel.
- Bullish divergence is developing in the RSI and the MACD.
- There is resistance near $280 and €254.
Descending Channel
On Apr 16, Bitcoin Cash reached a high of $324.9 Several market cycles have been completed, and the price has created lower highs.
Tracing these highs gives us a descending resistance line:
On Apr 15, the price reached a low of $298. A gradual increase was followed by a decrease. Bitcoin Cash has made several lower lows since.
Tracing these lows gives us a descending support line. Together, the resistance and support lines combine to create a descending channel:
It is likely that the price will keep decreasing at the rate predicted by the channel until a decisive move occurs.
In order to predict the direction of this move, a look at technical indicators is required.
Technical Indicators
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On Apr 24, the price made a low of $269.3. It continued to decrease and created a lower low of $265.6 on Apr 25.
Similarly, the RSI and the MACD made the first low on Apr 24. However, they have continued to generate higher values.
The use of these indicators suggests that the price will increase towards the resistance line of the channel.
It is possible that it does not increase all the way. Let us take a look at resistance areas to locate possible short-term reversal levels.
Resistance Areas
The closest resistance area is found near $280 and €254. We believe the price will reach this area.
Summary of Analysis
Sponsored SponsoredThe price of BCH is likely to increase towards the resistance area we have outlined above. Price could reach levels around $280 and over €250 in the short term.
Do you think Bitcoin Cash will begin to increase? Let us know your thoughts in the comments below.
To read our 2019 and 2020 price predictions for Bitcoin Cash, click on the green button 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.
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