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.
Bitcoin Cash (BCH) Price Today – BCH / USD
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.