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Bitcoin cash (BCHUSD) has dipped below $1,200 levels. While the minor trend of this pair slides through sloping channel, where the hanging man pattern which is bearish in nature pops up at the stiff channel resistance.
On daily plotting, hanging man pattern has occurred at peaks of rallies of 1759.7 levels, ever since then the price has tumbled below EMAs.
The pair has bounced back above DMA to drag the rallies upto $1,030 levels (that is where channel resistance is observed) from the recent lows $868 levels (that is where we see channel supports), currently, the cryptocurrency is struggling to sustain above channel resistance. If the bears succeed showing failure swings below this resistance levels, then the May 28 lows of $868 or even a slide upto $750 is quite probable.
We believe that Bitcoin Cash is trading in a range whose resistance is at $1,600. The support of the range is still undecided. It can either be $750 or closer to $620.
Momentum study: The leading oscillators (RSI) shows faded strength at 57 levels and converge downwards thereafter along with the prevailing price dips that indicate the strength and the momentum for the bearish swings.
Trend study: The lagging indicator (MACD) remain in bearish territory that signals downtrend still remains intact despite some abrupt minor upswings.
Over the recent past, the Bitcoin Cash price has dropped for over $1,400 all the way down to $868. With the Bitcoin Cash price now dropping below $1,000, an interesting downtrend is forming, which may push the value down back to $868 once again. But if bulls manage to sustain above channel resistance and maintain the bullish momentum the rallies upto $1,086 levels is also possible. In OTC space, one can wise to trade boundary binary options using the above-stated barriers as strike prices.
Currency Strength Index: FxWirePro's hourly USD spot index has shown -135 (which is bearish), while hourly BTC spot index was at 75 (bullish) while articulating at 12:15 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/fxwire/currencyindex
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