According to crypto writer, Aayush Jindal, the new Bitcoin cash (BCH) price analysis shows that the cryptocurrency traded towards the 840 USD area where it faced sellers. The charts also show a break beneath a channel with 800 USD as support via the hourly chart of the pair. We can see that the couple is under pressure and it appears a decline back towards the 750 USD area is on the cards. The price of Bitcoin Cash (BCH) is now below the 800 USD barrier against the USD with the pair at risk of a shift down to the 750 USD resistance level.
Bitcoin Cash (BCH) Price Analysis Show Resistance at The 835 USD and 840 Barriers
At the close of trade yesterday, we saw an upside shift in Bitcoin Cash (BCH) price above the 800 USD barrier. The BCH/USD pair then went on to trade above the 820 USD area and the 100 hour SMA. However, Bitcoin Cash (BCH) price failed to break beyond 835 USD and 840 USD resistance areas. There was a rejection as well from the 61.8 percent Fibonacci retracement level from the last drop at 890 USD to 741 USD.
Hence there was a downward reaction beneath the 820 USD support region. Sellers then gained momentum, and a break below an ascending pattern with support at 800 USD ensued. The BCH/USD pair is trading below the 800 USD support area and the 100 hour SMA. There is an initial support area on the downside at 770 USD. In the short term, prices may trade points higher near 800 USD. However, the broken support area at 795 USD and 800 USD plus the 100 hour SMA will likely prevent upshifts.
Our Bitcoin Cash (BCH) price analysis from the chart, show that prices are at risk of more losses if it stays below 800 USD. A significant support area via the downside is 750 USD hence a break below this region should cause prices to revisit the 740 USD low.