The price of Bitcoin Cash (BCH) decreased by 9% this morning compared to yesterday’s opening price at $773.4. During yesterday’s trading session, Bitcoin Cash fell as low as $701 after which is recovered slightly to $714.3. The fall to $701 led to an interaction with a significant support level in the baseline 2. The baseline one and two go as far back as the beginning of time which is one year ago when Bitcoin Cash entered the market for the first time. This baseline support is important because it always supported the price and never broke that level.
Bitcoin Cash (BCH) Price Today – BCH / USD
Unfortunately, the slope today led to an interaction that would mark the fifth interaction so far. This weakens the level especially because this is the third interaction within three months indicating strong selling pressure and a possible downside break. The price charts indicate that there are three structures two of which are fractals. The third structure symbolizes a falling wedge pattern which the price broke out from. The price also broke upside from the second structure but it did not keep the momentum resulting to a crash from $1064 to $602 within 25 days.
Bitcoin Cash Price Analysis Today August 4
The bears are in control of the market but a breakout may come after some short-term recovery attempts lead the price back to baseline 1 which is now the significant resistance. The hourly chart show that $806 is the target for the B recovery wave. This is where the baseline intersects the 0.618 Fib retracement level. A temporary breakout occurred from an ascending triangle.
Against Bitcoin, Bitcoin Cash has more room for a decrease before any breakout will be attempted like before. There is a 15.71% decrease between Bitcoin Cash and Bitcoin from the current target levels. This is in line with the expected fall in the price of Bitcoin. The next few days of trading will determine the position the bulls have in the market.