- Bitcoin stuck in a narrow range between $390 and $420.
- Technical analysis points towards continued sideways trading with a bullish inclination.
Bitcoin Cash has spent an entire week in consolidation. In addition to that, the price has been mostly pivotal at $410. The upper limit is still $420 while the downside is supported at $390.
At the time of writing, Bitcoin is trading at $412 after following subtle gains on Monday. The price above the 50 Simple Moving Average (SMA), 100 SMA as well as the 100 Exponential Moving Average (EMA).
Technical analysis points towards continued sideways trading with a bullish inclination (gradual uptrend). The Relative Strength Index (RSI) was unable to break into the overbought but is ranging at 60 to show that the buyers still have the power to defend $410 immediate support. The Moving Average Convergence Divergence emphasizes the sideways movement while hugging 0.0 mean line.
Apart from $410 support, BCH/USD will seek refuge at $400, and $390 in the event declines progress. On the upside, correction above $420 will pave the way for movement towards $500.
BCH/USD 1-h chart