- Bitcoin Cash price starts to embrace a sideways trend between $380 and $390.
- Bitcoin Cash has the potential to clear barriers at $400 and rise to new 2020 highs.
The market on Friday is painted red as cryptos extend Thursday minor corrections. Bitcoin Cash, in particular, is trading 1.47% lower on the day. The Asian session is dominated by bears. However, it is also clear that the bulls are careful not to lose balance, lest they give up all the progress they made earlier in the week.
Bitcoin Cash is doddering at $386 after adjusting from the failed attempt to rise above $400. In spite of the barriers and the slight bearish correction, the bulls still have enough power to hold above the short term support at $380 and $350, respectively. A rising trendline is also in line to offer the much-needed support.
Technical levels are not very bullish but neither are they bearish. For instance, the RSI slowed down the momentum towards the overbought and is now moving horizontally at 70. As long as the indicator stays at the same level, BCH is likely to adjust into a sideways trading between $380 and $390.
The MACD in the same daily range also suggests that the bulls have the upper hand. The MACD is seen sitting comfortably at +33 and even features a bullish cross. What the buyers lack is confidence in the uptrend. However, BCH has the potential to break above $400.
BCH/USD 1-hour chart
-637160354752299439.png)
Share
