Double Bearish Divergence Leads to Price Declines For Bitcoin Cash [Price Analysis]

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Bitcoin Cash Price Analysis:

Bitcoin Cash / USD

Bitcoin Cash / USD Daily Chart – Source: Tradingview.com

Significant declines took place across the cryptocurrency market on Monday and Tuesday this week.

A double bearish divergence formed on the Bitcoin Cash daily USD chart prior to these declines.

Price briefly found support at $409 but has since dropped below and has been finding resistance at this point since.

The momentum has been shifting towards sellers in Bitcoin Cash with both the daily MACD and RSI decreasing.

Bitcoin Cash / USD Weekly Chart – Source: Tradingview.com

The losses recorded this week have already reversed the past two weeks of increases.

Bitcoin Cash / Bitcoin

Bitcoin Cash / BTC Weekly Chart – Source: Tradingview.com

Bitcoin Cash is neither ahead or behind market leader Bitcoin in terms of its USD price performance this week.

The weekly candle is forming as a Doji candle, and this marks the fifth consecutive small-bodied candle forming.

The current price is around 0.05029 BTC.

Drops have found buying pressure at the 0.04873 level.

The weekly MACD and RSI have been trading flat reflecting the weeks of consolidation.

Bitcoin Cash / BTC Daily Chart – Source: Tradingview.com

Price rises have been finding resistance at the 0.052 and 0.054 BTC levels.

There is currently no clear advantage to either buyers or sellers in the Bitcoin Cash / BTC market.

The flat trading of the weekly and daily MACD and RSI indicate buying and selling pressure is relatively even.

Key Takeaways:

  • Selling pressure is high for Bitcoin Cash with the daily RSI and MACD recording declines.
  • Bitcoin Cash continues to consolidate against market leader Bitcoin with no clear advantage to either buyers or sellers.

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DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

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