Cryptos Are Downtrending Says This Week’s Technical Analysis

1w
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Summary

Bitcoin Cash BCH is currently downtrending, with the last correctional trend reaching the current channel resistance and testing it for a long time. If $0.60 gets broken out, though, the price may well reach the long term descending channel resistance at $0.75.   The midterm target may be at $300, which is the current channel support. In the midterm, the price is approaching the current channel support, with the target at $5,750. Over the last few days, the price gained strong downside momentum that broke out the descending channel support.

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The weekly Technical Analysis is provided by Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Needless to say, all statements and views expressed below and any forecasts contained herein are solely based on the author’s particular opinion.

This analysis may not be treated as trading advice. RoboForex and Trustnodes bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Bitcoin

Bitcoin is leading the way in the world of cryptocurrencies, and right now its technical outlook is chiefly bearish, with both long and short term trends being descending.

In the midterm, the price is approaching the current channel support, with the target at $5,750. The MACD and the price...

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