Price Analysis 7/8: BTC, ETH, XRP, BCH, BSV, ADA, LTC, BNB, CRO, EOS
After stalling at the 50-day simple moving average ($9,376) for the past two days, Bitcoin (BTC) has risen above the resistance which is a positive sign as it indicates demand at higher levels. Bitcoin Cash (BCH) has been facing resistance at the $245.49 level for the past two days but the bulls have not allowed the price to dip below the 50-day SMA ($237), which is a positive sign.
This suggests that the bulls are not closing their positions in a hurry because they anticipate the sixth-ranked cryptocurrency on CoinMarketCap to eventually break out of $200 and rally to the next target of $227. Therefore, traders should keep an eye on this level because if the BNB/USD pair turns down from it, the range-bound action is likely to extend for a few more days.
