Bitcoin Cash price has been bleeding out for the past few trading sessions and it has set a new low of $650. The price action has formed a bearish trendline that has resistance at the $690 level according to the price analysis of Aayush Jindal from News BTC. If the decline continues, the Bitcoin Cash to USD trading pair will continue to decline up to the $630 or $640 soon.
Bitcoin Cash Price Analysis for June 29
The price of Bitcoin Cash has entered a downtrend against the USD and is trading below the $700 level. If the price action doesn’t change, the pair will fall as low as $630. The only hope is for the buyers to gather momentum and kick the sellers off the market. A downside wave was initiated from $780 and after breaking some significant support levels, Bitcoin Cash declined below the 76.4% fib level of the last rise from $665 to $780.
Bitcoin (BTC) Price Today / USD
This gave way for more losses pushing the price to swing to the $665 low and even lower to $650. All indicators show that the price will move lower and test the $630 level. The next price action may take the price to the 1.236 fib extension level of the $665 to $780 rise. If it is unable to hold this level, it will move lower to the $620 support territory. There is a resistance at $680 on the upside but there is also a bearish trendline that has formed resistance near the $690 level on the Bitcoin Cash price chart.
Bitcoin Cash Technical Analysis
Anything below the $700 level is a significant downtrend that puts the price at risk. The price action needs to change soon or Bitcoin Cash will test the $600 levels and decline further.
From the technical indicators, the relative strength index is moving to the oversold zone fast and the MACD is already gaining ground in the bearish territory. Traders need to look out for the significant support level which is $630 and the significant resistance level which is $690.