Bitcoin Cash (BCHUSD) analysis and forecast (Wed, Sept 12th, 2018): A bounce back ahead

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Bitcoin cash is about to escape its oversold zone.

Bitcoin Cash resumed its downtrend and fell drastically from its one-month high of $660 to the area of $427. As illustrated in the Stochastic graph, this cryptocurrency has been diving in the oversold territory for quite some time, a reversal is bound to happen. Additionally, the current descending candlestick has not formed its upper shadow so far, an upswing in Bitcoin Cash price is awaited within today.

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Bitcoin Cash (BCHUSD) D1 chart on September 12th, 2018

Bitcoin Cash is expected to perform an upward movement to the previous support of $462, which has turned into a new resistance for BCH since its price shrank down below this threshold. The pair is likely to consolidate for a short period of time around $462 before finding its new direction: a continuous increase to $514 or a pullback which will  resume its downward movement.

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Bitcoin Cash (BCHUSD) H1 chart on September 12th, 2018

Written by nami.today

 

 

 

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