Bitcoin Cash price failed to move upside against the USD and experiencing losses. Will the BCHUSD sustain above the daily support level i.e. $ 620 level? Here is the 05-07 April Bitcoin Cash Technical Prediction.
05 April, AtoZForex – The Bitcoin Cash or BCHUSD pair is trading near the US$ 640 mark with the total volume of $33.3 Million at the time of writing. In the last 1 Week, the price has tumbled by $ -149.82 (-19.32%) with a total volume of over $ 297.47 Million. The pair traded above the $780 level on Thursday and dipped below the $ 620 mark today. Also, the coin lost almost 70% of its market cap, thus floating near the $ 10 Billion. Is this the end of the bearish trend for the Bitcoin cash or BCHUSD pair?
05-07 April Bitcoin Cash Technical Prediction
The Bitcoin cash formed a Falling three methods bearish continuation candlestick pattern in the 1D timeframe. Thus, this signifies that during a downtrend, a long black candlestick occurs, following by three candles of small real bodies that fall into a short uptrend. On the fifth candle, the bears come in strong to close at a new low. This small uptrend, in between two long black candles, is consistent with investors taking a break. The bearish trend should continue.
Today, the Bitcoin cash price dropped below the previous lows but manage to sustain the daily strong support. The $ 660- 680 is the crucial zone for buyers and the price tends to move higher if it breaks the strong resistance zone. A break above the $660- 680 level is needed for a new recovery in the near term.
For day trading, the 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. The BCHUSD pair is still in the downtrend on the daily charts & failing to sustain the daily strong support near $ 620 level might drop the pair towards $590- 600 mark.
The relative strength index(14) value remains below 50 which means Sell.
The CCI(14) valued at -98.1325 which signify selling signal in the daily timeframe.
The STOCHRSI(14) – Oversold in the daily & weekly timeframe.
Moreover, according to ATR(14), the BCHUSD pair is Less volatile.
The Bitcoin Cash has significant daily support near $ 618 level and resistance near $ 693 level.
BCHUSD Daily Pivot Points
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