Traders Beware!

Fraudulent websites posing to have a connection with JFD

Please be aware of fraudulent websites
posing as JFD's affiliates and/or counterparties

More information
by Darius Anucauskas

Will Bitcoin Cash Break To The Downside?

Looking at the technical picture of Bitcoin Cash on our daily chart, we can see that for the past week the crypto has been floating slightly above the 212 hurdle, which continues to hold the price from falling from around the beginning of April. Given a sharp decline in the beginning of September, it might be questionable now, whether that hurdle will provide support again. BCH/USD is now also trading below a short-term tentative downside resistance line taken from the high of August 18th. Although there are signs indicating towards a continuation move lower, in order to get a bit more comfortable with the downside, we would prefer to wait for a strong move below that 212 zone first.

If the 212 area eventually fails to provide support and breaks, that may spook the remaining bulls from the field and allow more bears to jump in. The crypto might make its way to the current lowest point of September, at 199, which if fails to provide support and breaks, could open the way to the 163 level. That level marks the low of March 17th.

The RSI and the MACD are currently flat. Also, the RSI is below 50 and the MACD is below zero and its trigger line. Both indicators seem to support the idea of seeing more downside in the near-term, but the fact that they are flat also suggests to wait for a break below the 212 hurdle first.

Alternatively, if the price jumps and breaks the aforementioned downside line, together with the 256 barrier, that might bring more buyers back to the table. BCH/USD may then travel to the current highest point of September, at 295, a break of which could set the stage for a push to the highest point of August, at 325.



The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.25% of retail investor accounts lose money when trading CFDs with the Company. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure.

Copyright 2020 JFD Group Ltd.