2023-6-13 13:00 |
For the past four weeks, Bitcoin Cash has been treading on the thin line of the Golden Ratio support level. Should this line fracture under bearish pressure, we might see the price take a substantial dip.
Last week, Bitcoin Cash experienced a substantial devaluation of approximately 23%. This decline occurred after BCH, in a bearish turn, breached the Golden Ratio support, established near the $112 mark, leading to a considerable contraction in its price.
So far, BCH’s price has managed to rebound from the support level spanning roughly between 87 USD and 97 USD, showcasing a bullish bounce. Despite this rebound, the Moving Average Convergence Divergence (MACD) has been indicating a bearish trend for several weeks, demonstrated by its continued downward trajectory.
Additionally, a bearish crossover has occurred in the MACD lines. Meanwhile, the Relative Strength Index (RSI) remains neutral, providing neither bullish nor bearish indications at this time.
Bitcoin Cash Testing Last SupportOn the monthly chart, the MACD continues to show a bullish trend, with values incrementally rising. There’s also potential for a bullish crossover of the MACD lines in the near future.
Bitcoin Cash BCH/USDT Price Chart. Source: TradingviewHowever, it’s important to note that BCH is currently resting on its final support level. If this level were to break, the downside potential could be substantial, nearly approaching zero.
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Daily Chart Death Cross Signals Bearish ToneThe daily chart continues to display a Death Cross pattern, reaffirming the prevailing bearish trend in the short to medium term.
Bitcoin Cash BCH/USDT Price Chart. Source: TradingviewAdditionally, the MACD is gradually declining in a bearish fashion, while the MACD lines remain crossed bearishly. Moreover, the Relative Strength Index (RSI) is gradually approaching oversold regions.
Read More: 9 Best Bitcoin Cash (BCH) Wallets in 2023
4H Chart Death Cross: Bearish Signal IntensifiesThe bearish trend in the short term is further confirmed by the presence of a Death Cross on the 4-hour chart. However, it is worth noting that the MACD indicator is displaying a clear bullish signal.
The MACD histogram is showing an upward trend in a bullish manner, and the MACD lines have crossed in a bullish fashion.
Bitcoin Cash BCH/USDT Price Chart. Source: TradingviewMoreover, Bitcoin Cash (BCH) has witnessed a robust recovery within the support zone, ranging approximately from $97 to $113, resulting in a notable surge of approximately 15.3% in its price.
If BCH sustains its upward momentum, it will encounter noteworthy Fibonacci resistance levels at around $114.8 and approximately $130.
BCH Shows Short-Term Rebound Against BTCAgainst BTC, the price of Bitcoin Cash (BCH) remains caught in a downward trajectory. Furthermore, the MACD has been consistently declining in a bearish manner over the past few months, potentially leading to a bearish crossover of the MACD lines in the near future.
Bitcoin Cash BCH/BTC Price Chart. Source: TradingviewThe Relative Strength Index (RSI) is currently indicating oversold conditions. However, despite these indicators, the BCH price is currently displaying signs of a bullish rebound, establishing support along a trend line.
The next significant Fib resistances then lie around 0.005 BTC and around 0.006 BTC.
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The post Bitcoin Cash (BCH) in a Downtrend: Predicting the Bottom Price appeared first on BeInCrypto.
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