Bitcoin Cash Chart Analysis: BCH/USD remains inside a daily symmetrical triangle
|- Unlike other top cryptos on June 10, BCH climbed to $258 and was not rejected.
- BCH/USD still couldn’t hold the previous level and has dropped to $247 at the time of writing.
BCH has seen a peak of $258.32 today on June 11 and it’s currently at its low at $247 losing the daily 12-EMA and touching the 26-EMA at $247. The daily RSI has dropped significantly today touching the oversold zone.
BCH/USD daily chart
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Bulls have lost the daily 12-EMA at $251.19 but BCH can still close above it. This would be the first break below this EMA since May 20 and would indicate a clear shift in momentum for BCH. The symmetrical triangle is getting tighter but the overall range is still fairly wide from around $226 to $262, almost $40.
BCH/USD 4-hour chart
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BCH has clearly broken the 12-EMA and the 26-EMA on the 4-hour chart but it’s close to an older support level at $245.60. The next support point can be found at $242.33 and then 236.28, so there is definitely a good amount of support for BCH if the bears continue gaining momentum. The 4-hour RSI is extremely oversold, the last time, BCH bulls bounced back up on the next candlestick basically returning to normal levels. It’s possible that Bitcoin Cash is looking to do the same again.
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