Bitcoin Cash
$1,032.97 -15.31%
BCH · 191w

Bitcoin Cash Price Technical Analysis – BCH/USD Heading Lower

Key Points Bitcoin cash price is struggling to hold $540 against the US Dollar, and might test $500 once again. There is a descending channel pattern with current resistance at $580 forming on the hourly chart of BCH/USD (data feed from Kraken). The price is likely to continue moving down and could even test the next important support at $500.

Bitcoin cash price is once again heading towards $500 against the US Dollar. More losses are likely in BCH/USD if sellers remain in control below $580.

Bitcoin Cash Price Decline

Yesterday, we saw how Bitcoin cash price was back to square one after failing to break $620 against the US Dollar. The price remained in the bearish zone during the past three sessions and traded below the $540 support area. Earlier, the $550 support acted as a barrier for sellers, but failed to hold losses. There was a test of the 1.236 extension of the last wave from the $550 low to $627 high.

However, buyers failed to hold the $532 extension level as well. It resulted in a decline below $532. It seems like the price is now heading towards the 1.618 extension of the last wave from the $550 low to $627 high at $503. The $503-500 support area is very important since the last bounce was from $501. There is also a descending channel pattern with current resistance at $580 forming on the hourly chart of BCH/USD.

Therefore, it won’t be easy for buyers to take back control as long as the price is below $580. On the upside, an initial resistance is near $550, followed by the channel resistance at $580.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now approaching the oversold levels.

Major Support Level – $500

Major Resistance Level – $580

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaran...
Continue on newsbtc.com
Recent news
BCH -15.31% · twitter.com · 9h

Twitter is (Completely) Censoring Bitcoin Cash !!!

I’ll give you 1 BCH if you can show me a personal Twitter account, highlighting #BCH in Twitter’s “For You” suggested cryptocurrencies. Spoiler, you can’t. It’s forbidden, right @jack ?— CryptoKid (@t...
BCH -15.31% · read.cash · 10h

CashAccounts Report: may2020

Yesterday, I was contacted by a user on discord who was having problems with the Bitcoin.com REST API they were using, and later a developer of a wallet having similar problems. The wallet developer w...
BCH -15.31% · read.cash · 14h

Bitcoin Cash Animal Rescue

As Bitcoin cash animal rescue, we have started a fundraising campaign through Fundme cash, with which we seek to take the next step as a project born in Bitcoin cash. Since we started with this proj.....
BCH -15.31% · twitter.com · 23h

A thread about the Tether scandal.. for every 1 USDT there is $0.03 real dollars.. It seems inevitable that at some point in the near future everyone that holds tethers will see all of their holdings go poof. They'll go from being worth 1.0x a dollar to 0.0x a dollar probably in a very short period.

Let's talk about the Tether scandal, why recent disclosures about it are such a big deal, and why it represents a form of systemic risk for the already shady crypto market. (1/) 🧵— Stephen Diehl (@sm...