As its common with weekends, traders are expecting a weekend rally that will boost the price of cryptocurrencies a little and reduce the negative sentiment in the market. A little positivity in the market will be ideal when you consider how bearish the market was during the week. On Thursday, Bitcoin Cash (BCH) fell by 2.32%. By gaining 0.77% on Friday, Bitcoin Cash was able to recover from some of the losses it suffered on Thursday. When compared to last week, Bitcoin Cash lost 7.62% this week.
Bitcoin Cash (BCH) to USD Price Analysis
After trading in range this morning, the significant resistance and support levels were left untested. The BCH/USD trading pair was able to break the $709.83 resistance reaching an intraday high of $714.1. However, the cryptocurrency wasn’t able to go above this point but fell back to the $700 shortly after.
Bitcoin Cash (BCH) Price Today / USD
Irrespective of the gains on Friday, the BCH/USD pair has been bearish. This shows that the bears are still in control of the market. The bearish trend line is still intact and the upside move was just an improvement from the intraday low of $685. After this point, the price went to $707. At the time this piece was written, Bitcoin Cash was down by 0.3% trading at $690.7 indicating a range bound start for today’s trading session.
By trading at $699 at some point this morning, Bitcoin Cash failed to beat the resistance at $709.07. Above the significant support level above $679.97, Bitcoin Cash traded at $686.9 mid-morning. For the rest of today’s trading session, Bitcoin Cash will need to move past $697 to break through $700 and the resistance of. $709.07. The price charts show that the cryptocurrency will face resistance at $700.
If Bitcoin Cash is able to move above $700, if may reach higher levels today. If it is unable to cross this level and falls below $679.97, the negative sentiment will continue. This would make it three consecutive days of closing below $700.