- The 50 SMA and the 100 SMA are acting as resistance lines at $730.2 and $737.2 respectively.
- The Relative Strength Index is heading upwards above the 40 mark.
Bitcoin Cash price engaged reverse gears on Friday after opening the trading marginally above $744. The support at $710 came in handy allowing buyers to enter and push for higher corrections. The trend is still bearish although there is a weak bullish momentum above $720. Both the 50 SMA and the 100 SMA are acting as resistance lines at $730.2 and $737.2 respectively.
Bitcoin Cash is locked within the confines of a descending channel that was initiated in the first week of June. The slide through the month of June resulted in BCH/USD trading at $654 before embracing the brief bullish trend that has ensued in the first week of July. However, the crypto is currently trimming the gains after it failed to sustain above $800.
The 23.6% Fib retracement level with the last high at $1,204.3 and a low at $654.5 gave in to selling pressure around $780 and the upside has been capped below $760 to a couple of days now. BCH/USD is currently attempting to clear the 50 SMA resistance, besides changing at $721. The buyers seem to be gaining momentum in the near-term, similarly, the Relative Strength Index is heading upwards above the 40 mark.
BCH/USD 120′ chart
