Since the last few days, the Bitcoin Cash market has recorded a bit of a decline after many attempts to breach above the $650 price mark. With every trial, the digital asset has always come face to face with rejections that have always sent it crashing down a bit.
As of this moment, the digital asset is on its way to face its fears once again with a view of finally breaking above the price region. As it stands now, the resistance has always been around the $600 level. Despite that, the level is small compared to the $800 level that the digital asset had to surmount when the bullish force overtook the entire crypto market.
Buyers are pushing the market
The market has also been showing that traders have been participating in the market and doing more of buying than selling. This is evident from the indicators from the trend line going bullish and the 50 day SMA already moving close below the current trade price of the asset. All other indicators, including the 14 day SMA, are also showing signs of a move upward. Also, the asset has briefly left the overbought zone and is presently showing signs of growing to the range at 80 and pushing close to the south.
All this means that the asset is gradually taking a break from pursuing a move upwards and would, after that, try to force its move up. In the last few days, traders have believed that the bulls have always powered the digital asset but are now trying to find a way to move the asset above the $600 resistance level. With this in mind, if the asset sees one big bullish candlestick, it will be able to use that to power into a higher price.
On the other hand, analysts have mentioned that the only obstacle that the asset will incur on its way to the top is the $600 price mark. Therefore, should the bears want to force their entry into the market, they could take advantage of one of the rejections that the asset would see. However, if sellers are hoping to cash in on their stand and take their profits, they should be mindful of the bearish run, which could take all their profits and loss.
Against Bitcoin, Bitcoin Cash is still struggling to push out from under the king crypto. Bitcoin Cash is still in the overbought region, and a trade against Bitcoin shows that the 50-day moving average is well placed above the 14-day moving average. This can be seen from the fact that both the two lines ( 50 day and 14 day) are pushing into the south.