Bitcoin Cash Still Trading Sideways Despite Bullish Momentum
The Bitcoin Cash market is presently struggling, even though it shows that little volatility is present. The market has been trading sideways in the past few days, making a case the bears are taking over very soon. Also, the buyers and sellers have been the major determinant of the market movements as both of them has established their presence to see the market move to and from $650 and $750 in the last few days.
Bitcoin Cash is looking to break above $750
As at this time, the market may be in for some downtime as the digital assets on-chain analysis show that its Relative Strength Index moves close to the lower region. If the asset eventually moves below the 70 level of its RSI, it would confirm that the bears are in the market, and a break below the downside is confirmed.
If this happens, the digital asset could well go below its first support level at $600. If the bulls do not defend that position, the asset might trigger another downward movement to move close to the $550 region before finally breaking below the $500 mark.
If the bearish run does not happen and the bulls appear in the market, the bulls would be hoping to break above the $800 price mark. If this happens and is sustained, then the bulls would be banking on the traders to add pressure to the market on its quest to push the asset over the next resistance level at $850 before going close and breaking above the $900 price region.
As it stands, the market is moving close to a region that signals to be overbought, an indication that the traders are mainly supporting the bulls. This means that within the coming days, the digital asset might undergo a bullish run.
In its comparison against Bitcoin, the digital asset is still trading in the downward region as the asset continually tries to break above both its moving averages. It is also trying to move above the 60 level of its Relative Strength Index, which shows that a bullish trend will occur soon. The chart also shows that sellers are adding more pressure to the market, which means that they are trying to create slots for themselves as the market continues to look for a way to love upward.
If the market eventually succumbs to the bears, then sellers would be hoping that the bulls defend the price at 1110 Satoshi and a little bit below. If a price surge happens, then it means that the asset would be looking to touch the resistance figure of 1600 Satoshi.