Bitcoin Cash Price Analysis: At the Backdrop of Adoption, BCH Ready to Spring Above $600

BTC/USD Medium-term Trend: Ranging

Resistance Levels: $7,000, $7,200, $7,400
Support levels: $6,400, $6,200, $6,000

Yesterday October 4, the BTC price was in a bullish trend. The expectation as at yesterday was that the bulls were making another attempt to test the $6,800 price level. In that process, the BTC price would have reached the high of $7,400. The cryptocurrency was resisted on two occasions at the $6,600 price level.

Today, the price of Bitcoin is in a bearish trend approaching the $6,500 price level. Price of Bitcoin is expected to fluctuate between the levels of $6,400 and $6,800. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that a bullish trend is ongoing. The Relative Strength Index period 14 is level 51 which indicates that price is in the sideways trend zone.

BTC/USD Short-term Trend: Ranging

On the 1-hour chart, the BTC price is in a sideways trend. The price of Bitcoin is now ranging above the $6,500 price level. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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