Bitcoin Cash (BCH) Goes Back Into The Bearish Territory After Being Bullish For Days 

After days of trading in the bullish territory, Bitcoin Cash has started losing its gains. The cryptocurrency fell below the support at $825 after a key bullish support was breached. The Bitcoin Cash (BCH) to USD (pair is now trading in the bearish territory with an immediate support around $780. This is because the sellers flooded the market when the price reached $825 pushing it to the bearish territory.

Bitcoin Cash (BCH) Price Analysis For July 27

Bitcoin Cash failed to cross the $870 support level twice and started a downside move that eventually broke the support levels at $850 and $840. This broke the 50% Fibonacci retracement level from the last rise from $770 to $878. Also, Bitcoin Cash broke a significant support at $825 settling above the 100-hourly SMA.

SEE ALSO:   Bitcoin Price Analysis: Bitcoin to reach $29,500 by the end of 2018 - Mon Aug 20

Bitcoin Cash (BCH) Price Today – BCH / USD

Name Price24H (%)
Bitcoin (BTC)
$6,324.64
-2.88%
Bitcoin Cash (BCH)
$514.34
-9.91%

While the price declined yesterday, the there was a significant bullish trendline highlighted that had support at $840. The Bitcoin Cash to USD trading pair went below the $800 level and tested the 76.4% Fibonacci retracement level of the last rise from $770 to $878. The price is entering the bearish zone slowly and if the decline is not cupped, it may fall toward the $750 support area.

The price charts indicate that Bitcoin Cash (BCH) is under pressure. Even if it attempts an upside move, $825 may serve as resistance along with the 100 hourly SMA. After this level, there is another bearish trendline that has resistance around $840.

The relative strength index is below 40 and the hourly MACD is entering the bearish zone according to the price analysis of Aayush Jindal. The significant support is at $780 while the significant resistance is at $825. Before taking any long-term positions, it would be wise to wait till there is either a breakout or a breakthrough. The next few trading sessions will determine if the bears will continue to dominate the market or the bulls will gather momentum.


LEAVE A REPLY

Please enter your comment!
Please enter your name here

5 × 5 =

This site uses Akismet to reduce spam. Learn how your comment data is processed.