The past week hasn’t been good for Bitcoin Cash with the price in a continuous downtrend. Bitcoin Cash has fallen below the support level of $1,000. The bearish trend is facing resistance around $1,060 on the price chart. From the look of things, the price may go as low as $948 soon.
The bearish trend is below $1,080 against the USD. The Bitcoin Cash and USD pair is at risk and may go to the $920 and $850 levels.
A Nonstop Decline in the Price of Bitcoin Cash
Over the past week, there was a decline from the $1,100 support breaking the support levels of $1,050 and $1,000. It went as low as $950 before it attempted an upside correction. However, a low was reached at $948 causing the price to correct above the 23.6% retracement level of the previous $1,322 high to $948 low.
On the upside, there was a cap at the $1,050 resistance level. The price failed to break or test the 38.2% retracement from the $1322 high to the $948 low. If there is a break below $948, the doors may open for another test at the $920 and $900 support levels. The topside holds a bearish trend line with a resistance near $1,060.
From the weekly chart, the price is struggling on the upside near $1,060. After this the next swing high may be at $1,150. This will be the next hurdle for buyers. So, buyers need to be on high alert.
From the technical indicators, the BCH/USD 4-hour MACD is currently in a bearish zone. The relative strength index is declining towards level 30. Traders should look out for $950 as the major support level and $1,060 as the major resistance level.
The next few trading seasons are crucial for buyers and sellers. Since this is the cryptocurrency market, it’s difficult to predict what the future holds for Bitcoin Cash.
