Double Bearish Divergence Leads to Price Declines For Bitcoin Cash [Price Analysis]
Bitcoin Cash Price Analysis:
Bitcoin Cash / USD
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.
The losses recorded this week have already reversed the past two weeks of increases.
Bitcoin Cash / Bitcoin
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.
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.
- 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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