According to crypto writer Aayush Jindal, an analysis of the recent Bitcoin Cash (BCH) price movement indicates that the digital token tumbled sharply and went on to break the 800 USD barrier against the USD. We can also see that two bearish patterns have formed finding resistance at the 770 USD zone and 810 USD via the hourly chart of the BCH/USD pair. Bitcoin Cash price movement also shows that the pair is heading downward and more even shift below the 740 USD support area via the near-term. The price of Bitcoin Cash (BCH) is under pressure beneath the key support area at 800 USD against the USD. The pair is now trading just below the 760 USD barrier with the possibility of revisiting the 720 USD support area.
Bitcoin Cash (BCH) Price Movement Shows The BCH/USD Pair Declining
The Bitcoin Cash (BCH) price movement also shows that there was a rejection around the 820 USD zone against the USD. The pair didn’t succeed in its attempt to break the 100 hour SMA and 830 USD. As a result, a sharp decline was initiated, and the price of the digital token tumbled below 800 USD and 770 USD both of which are support levels. During this decline, the price settled at 780 USD below the last swing. There was also a break below 1.236 percent of the Fibonacci extension level from the last wave at 779 USD and 840 USD.
Bitcoin Cash (BCH) Price Today – BCH / USD
This opened doors for more losses which in turn made the price of Bitcoin Cash (BCH) dip below the 750 USD support territory. On the upside, Bitcoin Cash (BCH) price is now trading below the 800 USD support and 100 hour SMA. While the downside, show that 740 USD may act as a support area. It represents the 1.618 percent Fibonacci extension level via the last swing from 779 USD to 840 USD. Below this area, the next support level is at 720 USD. Initial resistance at 765 USD can be seen and two bearish patterns with resistance at 770 USD and 810 USD on the hourly chart.