Is Bitcoin Cash Showing Signs of a Downturn? The price of Bitcoin Cash (BCH) declined further ultimately breaking the 730 USD resistance territory against the USD. The BCH/USD pair chart also indicates another break beneath the key bullish pattern with significant support at 740 USD according to crypto writer Kraken. This combination may keep on in the downward pattern towards the closest swing low and support level at 700 USD. Bitcoin Cash (BCH) price had initially expanded its drawback adjustment below 740 USD against the USD. Now it appears that the BCH/USD pair will also expand its decrease towards the 700 USD zone against the USD.
BCH/USD Price Movement: Is Bitcoin Cash Showing Signs of a Downturn?
The charts show that there was initially a drawback correction from the 780 USD high. The pair began to decline below the 750 USD which is a resistance level and even tested an expanded weight. The pattern incited more decline in prices beneath 740 USD. We can remember that dealers initially had control of the market resulting in a significant break underneath the 730 USD resistance territory. There was a break beneath a primary bullish pattern with 740 USD support via the hourly diagram. The BCH/USD pair is currently exchanging under the 750 USD level. The 100 hourly basic pattern is normal.
Bitcoin Cash (BCH) Price Today / USD
We can see the quick support area at the 76.4 percent of the Fibonacci retracement via the last wave from 698 USD to 780 USD at 717 USD. Below this, prices may likely broaden misfortunes toward the previous swing low area and support at 700 USD. Taking a look at the diagram, we can see the price giving bearish suggestions under 750 USD, 740 USD and via the 100 hour SMA. Should an upside momentum begin, buyers could struggle to break the 740 USD and 750 USD obstruction levels. The next few days of trading will determine if the price of Bitcoin Cash will start an upward reversal or not.