Bitcoin Cash Price Analysis: BCH stalls ahead of key trendline
|- Bitcoin Cash trades nearly 6% higher on Wednesday as crypto sentiment turns positive.
- The price has found some selling pressure ahead of a key downtrend line.
BCH/USD 4-hour chart
Bitcoin Cash has been moving higher on Wednesday and trades around 6% higher on the session. The price has now halted as you can see on the chart below just ahead of the black downward sloping trendline. The blue resistance line also held firm and it has been used around 4-5 times on the chart.
Looking closer at the indicators now, there has been a bearish cross of the 55 exponential and 200 simple moving averages. Also, the relative strength index indicator has moved into positive territory but has lots of room left to move to the upside. Lastly, if the price does move lower then the orange support level close to 225.00 could be a place where the bulls step in again.
 (3)-637231830902463212.png){kind=link}
Additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.