Bitcoin Cash/USD Price Analysis Oct.24

[Nikko]

Though Bitcoin Cash is trading inside a symmetrical triangle, the price has been hugging the support line for the past few days, which is a negative sign.

The moving averages are gradually sloping down and the RSI is in the negative territory. This shows that the bears have an upper hand.

A breakdown of the triangle will resume the downtrend and can plunge the BCH/USD pair to the next support at $300. Therefore, the traders can keep a stop loss of $400, just below the Sept. 11 intraday lows. The pair will turn bullish if the price breaks out of the triangle and sustains above it.

Cointelegraph