The digital currency market has been highly volatile over the past few weeks, and it is almost impossible to predict the next price action of a digital currency. A lot of digital currencies are still deep in the red compared to their value a couple of months back, some of them show signs of recovery, only to go deeper in the few hours or days.
The price trend of Bitcoin Cash (BCH) in the last few days has not been really friendly, especially for investors, as the digital currency has broken some major support levels. The value of Bitcoin Cash has reduced drastically beneath the $900 mark, and it may decline further below the $700 mark.
Bitcoin Cash Price Today: Current Price of BCH
Bitcoin Cash (BCH) is still maintaining its number 4th position on the list of top digital currencies in the world with a market cap of $13.97 billion and a trading volume of $423.95 million in the last twenty-four hours. The digital currency is currently trading at $747.7 after an increase of 8.61 percent in the last twenty-four hours.
Bitcoin Cash (BCH) Technical Analysis
About a week ago, there was a key bearish trend line from the resistance level of $910 in the price of BCH against the USD. The value of the coin began a key downward movement and declined below the support levels at $850 and $800.
The bullish trend was so much that the value of the digital currency broke beneath the support level at $750. A low was forming close to the $721 mark, and the coin is now trading beneath the 100-Day SMA – according to the 4-hour charts of BCH/USD.
At the moment, the value of the coin is correcting higher as it is gradually approaching the $750 mark. The 23.6 Fibonacci retracement level of the previous swing from the high of $928 to the low of $721 is acting as a resistance.
On the upside, there are lots of hurdles for buyers close to the $820 mark, which was its support level earlier. Also, a break beneath the support at $721 could cause the digital currency to decline to the $700 level.