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Bitcoin Cash Price Analysis BCH / USD: Stuck In Traffic

  1. Bitcoin Cash has a bearish short-term bias, with the BCH / USD pair still trading below its key 200-period moving average on the four-hour time frame

  2. A bearish head and shoulders pattern has now formed on the four-hour time frame

  3. The daily time frame highlights that Bitcoin Cash is trapped within a rising price channel

 

Bitcoin / USD Short-term price analysis

Bitcoin Cash has a bearish short-term trading bias, with the BCH / USD pair trading below its 200-period moving average on the four-hour time frame.

The four-hour time frame shows that a bearish head and shoulders pattern has been formed after a strong technical rejection from the $500.00 resistance level.

Major short-term resistance for the BCH / USD pair is now located at the $450.00 and $480.00 levels.

Technical indicators on the four-hour time frame are attempting to turn bullish, following the recent correction lower.

BCH H4 Chart July 3, powered by Trading View

Pattern Watch

Traders should note that the bearish head and shoulders pattern on the four-hour time frame has a downside projection of over $150.00.

Relative Strength Index

The RSI indicator on the four-hour time is neutral and has yet to generate a confirmed bullish signal.

MACD Indicator

The MACD indicator on the four-hour time frame is starting to turn bullish, with the MACD signal line and histogram issuing a buy signal.

 

Bitcoin Cash / USD Medium-term price analysis

Bitcoin Cash has a bullish medium-term trading outlook, with the BCH / USD pair still trading above its key 200-day moving average.

The daily time frame is showing that the BCH / USD pair is still trapped within a large rising price channel, following numerous false breakouts above it.

Technical indicators on the daily time frame are bearish and continue to generate a sell signal.

BCH Daily Chart July 3, powered by Trading View

Pattern Watch

Traders should note that multiple failed attempts around trendline resistance may provoke a move back towards the bottom of the price channel.

Relative Strength Index

The RSI indicator on the daily time frame is bearish and continues to generate a sell signal.

MACD Indicator

The MACD indicator on the daily time frame is bearish, with both the MACD signal line and histogram issuing sell signals.

 

Conclusion

Bitcoin Cash has staged a strong reversal from the $500.00 level, with the move lower helping to form a bearish head and shoulders pattern on the four-hour time frame.

If bulls fail to rally the BCH / USD pair back above the $500.00 level medium-term sellers may force the cryptocurrency back towards channel support.

Check out our coin guide for Bitcoin Cash.



Bitcoin Cash Chart

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