$600 Target Or Bearish Retreat To $400 In May?

Bitcoin Cash continues to display a neutral price sentiment post-market correction, indicating weak buying and selling pressure for the altcoin in the cryptocurrency industry. Moreover, the BCH token shows a bearish trend despite the Bitcoin-Halving, highlighting a rising disinterest of investors in it.

The BCH coin price has a YTD of approximately 76%, however, it has recorded a loss of 11.06% within the past seven days and 21.59% over the past 30 days, suggesting a negative outlook for the altcoin in the short-term perspective.

BCH Price Hints At A Bearish Price Action:

The Bitcoin Cash price displayed a neutral trend by trading in a closed range between $212.5 and $292 for the first two months. As the volatility grew, the BCH token jumped 177.26% within the next 30 days and successfully recorded a new yearly high of $719.5 on 06th April.

TradingView: BCH/USDT

However, the bulls failed to hold the value at that level, resulting in a price correction of 34.12%. Since then, the BCH token constantly traded between $447 and $529, indicating a weak price action for the altcoin in the crypto industry.

Moreover, the EMA 50-day acts as a resistance to the price chart in the 1D time frame, highlighting a strong bearish influence.

The Relative Strength Index (RSI) displays a constant decline in the chart, highlighting increased selling-over-buying pressure in the crypto market. Moreover, the averages show a negative price sentiment, suggesting the price may continue losing value this week.

Will Bitcoin Cash Price Rise Again?

If the market experiences a bullish reversal, the BCH price will regain momentum and test its resistance level of $529 this week. Furthermore, if the bulls hold the price at that level, it will set the stage for the Bitcoin Cash token to attempt to test its upper resistance level of $600 in the coming time.

However, if the bears continue to dominate the market, the BCH token will plunge to test its crucial support level of $447. Moreover, if the market continues to trade under a bearish sentiment, the altcoin will drop to test its low of $357.5 this month.

Also Check Out : Has Bitcoin Price Reached Its Cycle Top? Expert Predicts $30k Bottom!

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