The rollercoaster ride in the cryptocurrency industry continues with the total market capitalization taking one hit after the other and the major coins failing to maintain their recent gains. On Thursday, there was a price surge in the cryptocurrency market following William Hinman’s comment on cryptocurrency.
William Hinman, a SEC representative, said that the SEC doesn’t consider Ether and Bitcoin securities even if some other coins in the industry will fall under SEC’s watchlist as securities. This was a win for the market with most coins, especially Ether and Bitcoin, showing significant growth. Unfortunately, the growth did not last and the market has lost almost all the Thursday gains.
Bitcoin Cash Price Analysis
Bitcoin Cash isn’t left out of the equation. The cryptocurrency is trading in a bearish zone medium-term with supply at $1000, $1150, and $1200 and demand zones at $800, $750 and $700 on the medium-term. After the pair got to the $905.00 upward side, the bears started pushing hard. The bearish hammer formed and was followed by a bearish candlestick indicating that there is a strong bearish pressure in the market.
The stochastic oscillator is pointing down at 67% indicating that there will be a bearish bias in the market for the medium-term.
What About the Short-Term Price Analysis?
The Bitcoin Cash to USD pair is still bearish short-term. Even if the bulls made a run to $905.61 from $830.00, they lost momentum and could not push above the $930.00 supply area. The bears took over the market and pushed the price lower again till it went below the EMAs crossover. Some bearish candles will be formed below the crossover if the bears increase their pressure and retest the $830.00 demand area.
The next few sessions of trading will determine if there will be any change the current price action of Bitcoin Cash. If the bulls are able to gather momentum, the market might enter into recovery.