The price of Bitcoin Cash did not show growth for a long time and fell below $700. There are two bearish trend lines, located at $750 and $850 on the hourly time frame. Prices may continue to fall; BCH could soon trade at $600
BCH price decline
(editor's note: Just yesterday we watched as yet another cryptocurrency exchange excluded trading pairs with Bitcoin Cash from listing and thought about the reasons for what was happening. As always, there were bears here.)
Due to increased selling pressure, prices broke through the support line at $750 and settled below $700. The minimum was reached at $679, and a small correction began from there. At the moment, prices are well below the $750 mark.
We see many signs of bearish pressure on the charts. Initial resistance is at the 23.6% fibonacci level built on the last price decline from $898 to $679. Most importantly, there are two bearish trend lines on the hourly time frame at $750 and $850. The first trend line is very important, it is located at the 50% fibonacci level.
Thus, any increase in price will most likely be limited to $720 and $750. On the other hand, prices may fall below $650.
Technical indicators used:
MACD indicator shows bearish trend direction.
Relative Strength Index (RSI) - 30
Major support level - $650
Major resistance level - $750.
According to https://www.newsbtc.com
You May Also Like
Analysis of Bitcoin Cash, Stellar Lumen, EOS and Litecoin as of November 28, 2018
The recovery of altcoins that began yesterday will continue today. Will it be protracted? We are trying to determine reversal levels.
Technical analysis from June 6 to June 10: fear dominates the market
In the last few weeks, we have seen a range of around 10 on the fear and greed index, which tells us that fear is dominating the market.
