The Bitcoin Cash long-term price analysis shows that the asset was caught between the $290 and $320 level as it was able to remain above the $300 level for some time as per the charts that we have in our latest bitcoin cash news.
As of the time of writing, Bitcoin Cash was trading at $295 with a market cap of $5.4 billion after it was misplaced by Chainlink on the charts. Over the past 24-hours, the BCH price noted a minor hike of 0.13 p.c and registered a 24-hour buying and selling quantity of $1.9 billion. The Bitcoin cash long-term price analysis looks like the asset didn’t breach the resistance of $307 over the past week but it did note a minor correction. Over the identical timeframe, BCH was caught between the resistance at $307 and had a selling price of $295 as of press time. Bitcoin Cash was caught testing the $291 level but the price motion stayed inside the descending channel formation and over the approaching week as the price motion is likely to stay inside the formation and direction of $280.
As of the time of writing, there was an additional chance that if a bullish strain kicks in, the coin could see an early getaway from the formation. With the case of a descending channel, the price tends to interrupt the upwards movement as the improvement can imply that BCH could head in the direction of a rapid resistance at $307. The MACD indicator confirms the bullish sentiment after it underwent a bullish crossover in the past two days. The RSI indicator was close to the impartial zone and it was going in a direction in oversold territory on the charts.
Over the past year, Bitcoin Cash’s correlation with Bitcoin continued to stay sturdy as it was the case for most of the altcoins available in the market. BCH’s correlation with the biggest cryptocurrency was 0.84. Bitcoin Cash’s price motion will keep inside the descending channel formation in the upcoming weeks and it could head in direction at $280 if the current situation fails to carry on. If a breakout is to happen, the coin could find itself heading to a resistance level of $307.
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