There has been a noticeable absence of Bitcoin Cash price analyses that we have conducted, so we’re going to attempt to rectify that now in our price analysis of Bitcoin Cash.
Please keep in mind that we will be dissecting some fundamental aspects of the coin in this price analysis as well.
Bitcoin Cash Price Analysis
For those that have been following the price of Bitcoin Cash, you probably noticed that it sunk down to the $440–450 realm about two weeks ago, and it has been consolidating there ever since.
So, the familiar story of there being an extraordinary amount of consolidation in the price with little to no volatility whilst we wait for the price to make a decision to either move up or down definitively is present on this coin’s charts as well.
But, without digressing too much, let’s go ahead and take a look at what the charts are actually showing us at the time of writing:
As we can see in the chart above, there has been a steep downtrend, present on the Bitcoin Cash charts since approximately July 25th to the time of publication.
As mentioned above, there was a pretty substantive drop in the price that occurred a few weeks ago…
Which was followed by a 2+ week period of consolidation, which is still continuing now at the time of writing.
Now, like with most of the other coins in the T10, the price action for Bitcoin Cash is nearing the downtrend resistance that we have drawn up on the daily chart.
The price also recently tried (unsuccessfully) to break through an overhead resistance, which has been placed at $460.
Relative Strength Index(14)
There is no difference between the RSI(14) indicator for Bitcoin Cash and the price action (meaning that there is virtually no divergence between the indicator and RSI(14)).
Let’s check it out below:
As we can see from the picture above, the Zerononcense Bands (modified Bollinger’s Bands optimized for crypto specifically), provides on hints about the future price movement of Bitcoin Cash either.
Zerononcense Balance of Power RSI
As we can see above, we aren’t able to really glean any more helpful information from the Balance of Power than we were from the RSI.
Both were extraordinarily unhelpful in ascertaining what the price movement will do in the future.
Overall, the price is leaning toward the ‘bearish’ side of things, but there’s nothing definitive in the price.
If one is not currently invested, then we would say that there’s no logical reason to place a position either short or long on the coin at this present moment.
If one is currently invested into Bitcoin Cash (short-term), then it would be advisable to tighten the stop losses as much as possible in order to ‘insulate’ against any rapid losses.
If possible, staggering the limit orders (not always possible), would be the best method.