BitcoinCash Technical Analysis – October 10, 2019

The BitcoinCash slid down on Thursday, decreasing the price to less than 240.0. The price decreases after a major economic release concerning trade balance news. The technical bias might remain bearish because the BitcoinCash price printed a lower low in the recent downside move.

BitcoinCash Technical Analysis

As of this writing, the BitcoinCash is being traded around 235.2, the price may come across a resistance around 288.1, the trend line resistance ahead of 408.6, the 38.2% Fib level.  A key horizontal resistance is likely to come around 98.2 restricting the price of the digital currency from passing through this level as shown in the given below chart.

Coming towards the downside, key horizontal support is anticipated to come across the price at 199.8 ahead of 153.6 the trend line support. The price may also come across a major support level at 64.8, the low of December 14, 2018, as shown in the graph above.  The technical bias may remain bearish as long as 292.3, the key horizontal resistance level remains intact.

US Trade Balance News

The figures concerning trade balance have recently been released by the Bureau of Economic Analysis and the U.S. Enumeration Bureau. These stats represent consistency among imports and fares of all enterprises and products. A positive reading shows exchange excess, while a negative worth suggests exchange shortfall. It is considered as an important economic even which leads to volatility for the USD. Generally speaking, if a consistent demand concerning US products is seen, then it would anticipate a bullish market ahead and vice versa.

Trade Idea

Considering the price behavior of the digital currency over the last couple of days, selling the BitcoinCash around current levels may prove to be a good decision in the short to medium term.