BCH Price Analysis - August 24, 2018
At the time of writing, BCH price is currently sitting at $524. Similar to ETH, it has been on a downtrend since the high established on August 18th. Right now it's midway between one support and one resistance levels, so we'll have to wait and see how the price action develops. However, it's unfortunately not looking too good for BCH, particularly after a tough rejection at $540 seen earlier today. If continues to trend downwards and goes below $513, most important thing to monitor would be its price action at $500. Below that and we might be in for another drive down to $470 which is the last low we've seen.
On the upside, if BCH manages to hold $513, we'd monitor to see if it can test $540 one more time and hopefully achieves a clean break above it. A break above the trend line would be a positive sign above which we can hopefully catch a ride to test $590 again.
On the daily chart for BCH, technical indicators give a bearish outlook (14 sell, 10 neutral, 2 buy)
On the weekly chart for BCH, technical indicators paint a very bleak picture, unfortunately... (12 sell, 10 neutral, 0 buy)
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