The cryptocurrency market has suffered a blow within the past 24 hours and Bitcoin Cash has broken the $700 resistance level. The price charts indicate that there is a bearish trendline around the $735 resistance level. Short-term, the Bitcoin Cash to USD trading pair may correct upside but the price correction will be capped at $710 – $730. The bearish trend below $750 is discouraging and the major challenge is above $710.
Bitcoin Cash to USD Price Analysis According to Aayush Jindal
During yesterday’s trading session there was a downside move above $750 for Bitcoin Cash against the USD. Bitcoin Cash lost more than $50 breaking the $730 level and even the $700 level. The price went as low as $684 and even now, it is still consolidating its losses. A resistance was spotted around the 23.6% Fibonacci retracement level of the last fall from $779 to $684 which was as $706.
Bitcoin Cash (BCH) Price Today / USD
On the upside above $706, there are different resistances with the key barrier at $710. Near the $735 level, there is a major bearish resistance. This is also close to the 50% Fibonacci retracement level of the last wave from $779 to $684. Most importantly, the 100 hourly SMA is near the $735 resistance. So, an upward correction may face challenges near $710 and $730.
Bitcoin Cash to USD Technical Analysis
From the Bitcoin Cash price chart, the price action is bearish and anything that pushes it below the $710 will take it even lower. Downside, if the price breaks below the $685 level, it will get to the $650 support. The relative strength index is getting closer to 40 and the MACD on hourly chart is moving to the bullish territory. The significant resistance level is at $735 and the significant support level is at $685. The next few days of trading will determine if there is any hope for the price of Bitcoin Cash or not. If the market improves, the price action will get better. Otherwise, it may fall as low as $600.