Price Analysis
The current price of Bitcoin cash is $415 in green. After a sudden change in trend, bitcoin cash is struggling to cross the resistance of $421.7. Amount of volume traded is decreasing. Momentum is getting low. Chances are we can see the correction of price from Level 2 to Level 1. Long term trend seems to be bullish. Global X change.
RSI is near the overbought zone. Current RSI level is 66.3. Stochastic is also near the overbought zone. Selling opportunities are more at the current level. The price level of $314.8 can be seen after this correction. Ichimoku cloud is showing the bullish trend. Conversion Line is moving above the baseline. Globalxchange. ADX indicating the bullish trend with low strength.
Strategy:
Global xchange. Bitcoin Cash is likely to see the small correction. This will create a buying opportunity for traders. To take position wait for the correction. Set the target of $421.7. Volume is moving opposite to the trend from the last few days.
On the other side exit the position if price breaks level1. Globalxchange. Chances of bears are little as the whole crypto market is in an uptrend and so as Bitcoin cash. If price breaks Level 2 with high volume then the price level of $500 can be seen.
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