Bitcoin Cash has been going up for the past three days. It reached $640 and is now going down because bulls, or people who want it to go up, are not able to break through the previous lower high of $640.
Since the 27th of May, the price for the crypto has been falling. Sometimes it goes up and sometimes it goes down. But if people buy the cryptocurrency for more than $640, then it will try to go back up to retest its high of $760. If this happens, then bitcoin cash is no longer in a downward correction.
Today, the price of bitcoins fell as buyers failed to break the recent high. The price is likely to go down and find a support level below the moving averages. If that happens, then a bullish scenario will happen as explained above. But if it falls below the moving averages, then it will resume its downward move since May 24.
Bitcoin Cash is at a level of 42 in the Relative Strength Index. It is on a downward trend, so it’s not good. But it has gone up and down before. There are two ways to look at this: the 21-day and 50-day SMA are going down, which means that Bitcoin Cash will continue to go down too; or the market has bearish momentum and Bitcoin Cash is going to keep going down because of that.